Queen Elizabeth II death triggers launch of fake tokens, NFTs

Key Takeaways:

  • More than 40 sham crypto memecoins and NFT projects were created following her death.
  • Crypto community condemns the launch of these controversial projects.
Queen Elizabeth II death triggers launch of fake tokens, NFTs
Queen Elizabeth II death has triggered the launch of fake tokens, NFTs.

LAGOS (CoinChapter.com) — Queen Elizabeth II, Britain’s longest-serving monarch died at the age of 97 on Thursday after ruling as the sovereign of the United Kingdom and Northern Ireland for 70 years.

However, while tributes and encomium are pouring-in to honor Queen Elizabeth, several crypto grifters are trying to capitalize on her death. In less than 24 hours more than 40 Queen Elizabeth-themed memecoins and nonfungible token (NFT) projects have been launched on Ethereum and Binance Smart Chain.

Notably, fraudulent tokens including “London Bridge is Down”, “Queen Elizabeth Inu”, and “Save The Queen” was created following her death. Other shit coins that were immediately rolled out include “Queen”, “Queen Doge”, “Rip Queen Elizabeth”, among others. DexScreener indicates that at least 40 distinct meme coins have been created in the last six hours.

In fact, data from DexScreener revealed that activity on the Queen Elizabeth Inu token jumped 18,688% in the last 24-hour.  Furthermore, the token trading volume also rallied significantly to reach $200,000 (£174,000). Similarly, activity surrounding Save The Queen’ coin catapulted almost 20,000% with a trading volume reaching $700,000 (£608,000).

It is important to note that the prices of these coins are extremely volatile and they do not have any long-term assurance. Also, an NFT collection entitled “Queen Elizabeth 69 Years NFT” has also been created. The project creators purport to offer one picture for every year of the Queen’s reign.

Additionally, the new ruler King Charles III wasn’t spared from opportunists trying to make some quick extra bucks. Memecoins bearing the new sovereign’s name were also quickly introduced.

Crypto Community Slams Creators Of Fake Projects

Meanwhile, the crypto community has condemned the actions of these web3 developers trying to capitalize on Queen Elizabeth’s death by creating fake tokens and NFTs.

In fact, the creation of the coins has largely been met with disdain by the larger crypto community. Byzantine General a crypto trader called on the entire crypto space to clamp down on these fraudulent projects. He said, “Bro let’s just pack it up. We gotta stop this crypto shit.”

Queen Elizabeth, Queen Elizabeth II death triggers launch of fake tokens, NFTs

“Of course the NFT crackheads wanna get rich from people’s deaths. You guys know damn well what happened when Technoblade died. That’s right, the same thing.”

Another Twitter user said.

ALSO READ: NFT marketplace volume plunges further in August

Queen Elizabeth, Queen Elizabeth II death triggers launch of fake tokens, NFTs

“Not a good way to capitalize on an important and saddening moment by crypto world. Queen Elizabeth II passed away but crypto community saw an opportunity. Over 30 Queen-themed tokens have been created. On OpenSea there are different NFT collections on Queen’s passing away.”

Final Auction For Queen Elizabeth NFT

Meanwhile, in a parallel development, Ethereum NFT project that has produced dozens of pieces of tribute artwork to Queen Elizabeth II over the past two months has announced the final auction for the collection.

Queen Elizabeth, Queen Elizabeth II death triggers launch of fake tokens, NFTs

QueenE NFT debuted its auctions at the beginning of July, presenting a single Ethereum NFT portrait of the late queen. Following the death of Queen Elizabeth, the project revealed that the current auction for the 73rd Ethereum NFT in the collection will be the final one. Additionally, the 73rd NFT will be issued as part of the original bundle.

Since their unveiling, the most solvent tokens, “Save The Queen” and “Queen Elizabeth Inu,” have already gathered $700,000 and $200,000 in trading volume, respectively.

At the time of publication, the price of QEInu has increased by 23,270% on Binance Smart Chain. Similarly, the tokens has also surged by 3,707% on Uniswap, whereas the price of STQueen tokens has risen by 1,515%.

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