What is Tiger King Coin? Experts predict crypto meme price will drop to zero

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An astonishing increase in the prices of marginal cryptocurrencies of over 1,500% in less than a week has again put the spotlight on coins itself.

As bitcoin fell another 7% on Thursday, dragging most of the rest of the crypto market with it, Tiger King Coin (TKING) more than doubled in value.

>> Follow all the latest updates with live coverage of the crypto market by The Independents

Ranked 2,561st most valuable cryptocurrency in the world, Tiger King Coin is far from the only one to be a token based on a meme or pop culture reference. Price index site CoinMarketCap lists nearly 100 so-called same tokens, with a combined market cap of over $ 33 billion.

They range from crass CumRocket, Dick, and PooCoin to completely uninspired, such as MemeCoin and MemeToken.

But while their names may be varied, crypto market experts warn that their usefulness is almost uniformly useless.

These are not investments, these are just Ponzi schemes and the last will be the person who gets hurt the most, Fred Schebesta, crypto investor and co-founder of comparison platform Finder.com, told The Independent. .

There’s a little fun in it, but you’re actually dealing with real money. The only person who wins here is the person who makes the part and the person who sells to other people [before it collapses]. All of these will go to zero, or as close to zero as possible, because it’s a phase.

The only exception to this pattern, according to Mr. Schebesta, is the original: Dogecoin.

There is too much history for her to die, he continued. It has gone too far. Dogecoin is steeped in culture … it infiltrated the culture of mankind as the original cryptocurrency. I think it will go on forever.

Tiger King Coin is based on the hugely popular Netflix series of the same name and claims to have the support of controversial lead character Joe Exotic. However, it’s not even the only cryptocurrency to emerge from the show, after Exotics rival Carole Baskin launched her own $ CAT coin.

Supporters of both are hoping the release of a new season of Tiger King will help push their prices up even higher.

In the short run, people who bet on them can win money, but these are largely Ponzi schemes and when they come back to the value they really should be – zero, or very close. zero then the people at the bottom of the regime suffer, said Dr Iwa Salami, senior lecturer in financial law at the University of East London.

The annoying thing is that it affects the credibility of the entire industry.

Tiger King Coin price increased over 1,500% in the first week of July

(CoinMarketCap)

This is a sentiment shared by Antony Portno, founder of Traders of Crypto, who says the crypto market is becoming convoluted with the movement of coins that appear to lack the fundamentals of a serious project.

Cryptocurrencies, in their purest form, are revolutionary and will do to money what the internet has done to data, but these kinds of coins (like TigerKing Coin) are what make the industry look like a playground, he said.

There are so many absurd coins, if you are going into crypto it is absolutely crucial that you do your due diligence and make sure that you are making informed decisions based on good information and data. Following the crowd isn’t always the best thing to do and there is value to be had, but I would say coins like this are best avoided.

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