Crypto Sector Seeks To Generate Profits On Death Of Queen Elizabeth II – BeinCrypto

Following the passing of Queen Elizabeth II, a slew of NFTs, memecoins, and Web 3 accessories flooded the monarch-themed NFT marketplaces and platforms.

As the UK mourns the loss of its 96-year-old monarch, Web3 enthusiasts have taken advantage of global attention to launch a dizzying array of queen-themed, algorithmically generated, non-fungible tokens. as well as a large number of cryptocurrencies such as Queen Elizabeth Inu, QueenDoge and London Bridge Is Down on Binance Smart Chain and Ethereum.

The Queen Elizabeth Inu token is thus up 28,506% on PancakeSwap, with $17,000 in liquidity at the time of writing. Another token, Elizabeth, was up 8,000% with $204,000 in liquidity.

This news comes a bit ironically, as the UK prepares to rename its currency after the successor monarch, King Charles III. About 29 billion British coins and more than four billion banknotes will have to be changed by the Royal Mint and the Bank of England respectively.

The profile of the new monarch will be opposed to that of the queen, according to a long-standing British tradition, to signal the dawn of a new era.

NFT Cryptoqueen?

Following in the algorithmic tradition of collecting NFT CryptoPunks, a collection called RIP The Queen Official with over 8,000 images has been listed on OpenSea. Each algorithm-generated image contains slightly different renderings of the queen’s eyes and mouth.

Another collection, named QueenE and created by Fabio Seva and ENS domain holder sickn.eth in July 2022, said the auction of their seventy-third non-fungible Queen token would be their last. Indeed, the duo planned to create NFTs of the Queen for as long as she lived. The supposed last NFT was sold for 2.73 ETH, followed by a surprise auction of tokens with the likeness of the Queen attached to a skeleton.

Another pump-and-dump?

It remains to be seen if these cryptocurrencies have genuine support or if this is just another pump-and-dump scheme, a form of scam that has caused investors to lose more than 2, $8 billion in 2021, according to chain analysis.

Pump-and-dump schemes thrive through deceptive promotions that drive up the price of a cryptocurrency, after which promoters sell their coins or tokens, causing retail investors to lose large sums of money .

In January 2022, victims of a pump-and-dump scheme promoted by Kim Kardashian and Floyd Mayweather filed a class action lawsuit against the duo for promoting EthereumMax, a cryptocurrency unrelated to Ethereum.

On the subject of the new queen-themed coins, one Reddit user wrote that the “insensitive” greed strikes again. Meanwhile, another jokingly claimed that central banks should be afraid of “ElizabethMoonCorgiRocketCoin”.


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Crypto Sector Seeks To Generate Profits On Death Of Queen Elizabeth II – BeinCrypto

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