Anti-Biden-inspired crypto crashes to near zero

Anti-Biden-inspired crypto crashes to near zero

Ethereum-based cryptocurrency ‘Let’s Go Brandon’ has lost 99.5% of its value over the past 30 days, data from crypto-trading sites CoinMarketCap and Crypto showed on Monday. The value of the entire 330 trillion coins in circulation now totals several thousand dollars, while one LGB coin is worth effectively nothing.

The token, which is less than six months old, peaked in value at the end of last year after it was promoted by opponents of US President Joe Biden and NASCAR driver Brandon Brown, whose name inspired the coin title.

The token actually got its name from a euphemism substituting an entirely different phrase. During Brandon Brown’s post-victory interview with NBC at a NASCAR race in October, the crowd of spectators was loudly chanting “F**k Joe Biden,” but the sports reporter mistook the crowd’s words for “Let’s Go Brandon.” Campaigners picked up the phrase, and turned it into an anti-Biden rallying cry. For instance, Florida Republican Governor Ron DeSantis started using the term “Brandon administration,” and Senator Ted Cruz reportedly used the slogan on several occasions.

Crypto enthusiasts decided to cash in on the viral phrase, and launched a crypto token of the same name in November. Brandon Brown then accepted a partnership with the coin because he was in need of a sponsor for the 2022 season, despite public claims that he dislikes the use of his name in a political slogan. Brown was supposed to carry the slogan on the hood of his race car for two years.

However, NASCAR intervened in the craze last month, saying that it would not support the sponsorship deal. The coin started to rapidly lose appeal shortly afterwards, and its value has now nearly evaporated.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

The White House fears that the confiscation of Russian assets could damage its reputation, the New York Times reported on Tuesday.According to the newspaper’s sources, top officials in President Joe
подробнее...

Russia has restricted the export of noble gases, including neon, in an apparent tit-for-tat response to the fifth round of sanctions imposed by the EU in April.The government decree, published on
подробнее...

Russian banking giant Sberbank has been disconnected from the SWIFT global financial messaging system under a new set of sanctions approved by European Union leaders on Monday.“This sanctions package
подробнее...

India halted wheat exports this year in order to stop speculation in the grain market, Foreign Minister Subrahmanyam Jaishankar said at the GLOBSEC 2022 international security forum in Bratislava,
подробнее...

Global grain prices have fallen to April levels following Russian President Vladimir Putin’s promise to ensure the safe export of Ukrainian grain through Black Sea ports controlled by Russia.Wheat was
подробнее...

Gas flow from Germany to France has been halted, French gas transmission system operator GRTgaz reported on Friday, adding that the nation hadn’t received any natural gas from Russia via the pipeline
подробнее...

The Netherlands continues to receive Russian gas after Gazprom stopped gas supplies to state energy wholesaler GasTerra due to non-payment in rubles, broadcaster NOS reported on Tuesday. It clarified
подробнее...

The boss of Wall Street giant JPMorgan Chase, Jamie Dimon, has warned investors that the US is facing an economic “hurricane” as the latest challenges posed by the Fed’s tightening monetary policy and
подробнее...

US technology firm IBM announced, on Tuesday, that it plans to pull out of the Russian market due to the conflict in Ukraine.The company's chief executive Arvind Krishna said in a statement: “Let me
подробнее...

The authorities in Sri Lanka have grounded a civilian aircraft belonging to Russian carrier Aeroflot, and seized the plane, local newspaper News First reported on Friday.The Colombo High Commercial
подробнее...

Credit card borrowing in the UK in April rose at the fastest annual rate in nearly two decades, according to data released by the Bank of England on Tuesday.The regulator revealed that spending on
подробнее...

A shortage of cigarette packaging paper could affect smokers in Germany, with some brands almost impossible to find in retail stores, Bild newspaper reported on Friday.According to the paper, one of
подробнее...

Ukraine is in discussions with the United States on purchasing and financing supplies of liquefied natural gas (LNG) instead of pipeline gas, which the country currently receives from EU states,
подробнее...

The current energy crisis could be one of the worst and longest in history and European countries could be hit particularly hard, the head of the International Energy Agency, Fatih Birol, said on
подробнее...

Austria’s oil and gas conglomerate OMV has said its recent payment for Russian gas under the new ruble settlement mechanism was successful, TASS reported on Wednesday.“We paid in May according to the
подробнее...

Denmark has become the fifth country to be cut off from Russian natural gas following the refusal of its biggest power wholesaler Orsted to pay for deliveries in rubles. Supplies to Shell Energy
подробнее...