Will Smith Meme Token Soars on Launch, but History Shows Such Rallies Rarely Last
Source: a screenshot, Entertainment Tonight / YouTube
A token known as Will Smith Inu (WSI) began trading on the decentralized exchange Uniswap (UNI) yesterday, with buyers rushing in as they attempt to capitalize on the (in)famous event that unfolded during Sunday’s Oscars ceremony. However, similar coins commonly end up on the ever-growing scrap heap.
The launch of the token followed the incident during which Hollywood actor Will Smith slapped his fellow actor and comedian Chris Rock on stage during the show. The slapping happened after Rock had made a joke about actress Jada Pinkett Smith, Smith’s wife – specifically about her shaved head. Pinkett Smith has an autoimmune condition called alopecia.
Created by an unknown person or group of people, Will Smith Inu is not associated with Will Smith or the Oscars in any way.
The details on the token project’s website are also scarce, with only a “Will Map” that outlines the project’s next steps created so far. In the “Will 1” stage, a ‘litepaper’ is set to be published, while the “Will 2” stage will see both a team expansion and the launch of a decentralized autonomous organization (DAO), according to the website.
“Born from the moment Will Smith slapped Chris Rock at the Oscars,” the token’s website states, while also calling it “the next hottest crypto meme this bull run!”
At press time on Tuesday (12:55 UTC), the Ethereum-based token was up more than 440% since its launch on Uniswap, and is held by 591 unique addresses, according to the token’s contract address.
Worth keeping in mind, however, is that other tokens created in the past that were also inspired by amusing news events had rarely been good investments.
In December last year, a whole range of tokens had been created inspired by a rant against crypto by US Congressman Brad Sherman.
Speaking during a hearing on digital assets in Congress, Sherman said that “Bitcoin could be displaced by ether, which could be displaced by doge, which could be displaced by hamster coin, and then there is cobra coin,” before adding “now, what could mongoose coin do to crypto coin?”
Soon after, token projects with names like Mongoose Coin (GOOSE) and Hamster (HAM) sprung into existence, with many of them soaring in price shortly after launch.
However, the fun did not last long, with the original Mongoose Coin now being worth zero, and Hamster currently down more than 90% from its all-time high.
A similar situation was also seen a month earlier with the launch of the SQUID token, a project inspired by the hugely popular Netflix series Squid Game.
Despite moving up in price initially, many SQUID investors were caught off guard when they realized that the token could not be sold, and developers said they were “depressed” and did “not want to continue running the project.”
In other words, the lesson to be learned is to tread carefully and not randomly jump on the latest crypto creation unless you are fully prepared to take a loss.
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