Following the death of billionaire and well-known crypto skeptic Charlie Munger, a memecoin named after him experienced a tumultuous market response. Minted just 15 minutes post Munger's death, the MUNGER token's value skyrocketed by over 31,000% on Wednesday. However, the token witnessed a drastic 98% decline in value the next day, attributed to questionable functions in its smart contract that allowed developers to restrict asset sales.
Munger, the former vice chairman of Berkshire Hathaway, was known for his critical views on Bitcoin, referring to it as "detestable". The daily trading volume for MUNGER peaked at $3.5 million but plummeted to less than $60,000, indicating the highly speculative nature of such investments.
The MUNGER token's rise and fall is a stark reminder of the risks associated with investing in memecoins, as many of them become worthless shortly after launch due to lack of interest or developer manipulation.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.