Key Takeaways:
- MongCoin price registered massive gains to chart a new ATH after launching on April 28.
- The meme token claims to be inspired by a US Congressman’s statement
NEW DELHI (CoinChapter.com) — April’s meme coin frenzy continues in May, as another meme token, MongCoin, registered unrealistic gains after launching on April 28.
The MONG token started trading at $0.0000000028. However, unlike other memecoins, MongCoin price did not spike initially. The token crabbed till April 30 before gaining some traction on May 1. MONG price rocketed 1,850% from May 1’s low of $0.000000004623 to reach an ATH of $0.00000009017 on May 2.
Since its launch, MONG price has spiked by more than 3,120%. However, a profit-booking sell-off near the ATH forced the MongCoin token price to fall nearly 42% before bulls recovered some of the lost ground.
The MONG token price action might have made several traders happy, but the profits remain unrealized. A lack of liquidity could jeopardize the project if some MONG token whales come knocking.
A Joke By A Congressman Gives Birth To MongCoin
MongCoin is an ERC-20 token, which takes its name from an unfortunate speech by California Congressman Brad Sherman. Representative Sherman had joked about cryptocurrencies dethroning one another during a hearing on crypto at the House Financial Services Committee.
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The Congressman likened the idea to the fable of a woman who swallowed bigger and bigger animals to eat the ones she previously swallowed.
Bitcoin could be displaced by Ether, which could be displaced by Doge which could be displaced by HamsterCoin and then there’s CobraCoin. What could MongooseCoin do to CryptoCoin?
Congressman Brad Sherman stated.
MongCoin claims to be “a vibe,” stating ‘Mongs are immortal, surviving both rugs and bear markets.’
Per the MongCoin team, 82% of the total MONG tokens would be set aside for liquidity pools (LP), and 4.2% would reach the centralized exchange’s Ps. Additionally, the team would distribute 6.9% of the total token supply to MONG NFT holders, which went live in Jan this year.
At writing, the MONG token had a self-reported marketcap of $39.2 million and with a circulating supply of 565.8 trillion.
