Mongoose Coin: the new crypto-meme from US Congress
Mongoose Coin: the new crypto-meme from US Congress

Mongoose Coin: the new crypto-meme from US Congress

By Stefania Stimolo - 9 Dec 2021

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At the US Congress, member Rep. Brad Sherman mentioned Mongoose Coin in his speech against crypto, pointing out that he made it up. Within minutes, someone took inspiration and created the new crypto meme MONG, which within hours had a $2 million market cap. 

Mongoose Coin (MONG): the crypto meme of Rep. Brad Sherman

Not even 24 hours ago, the US House Committee on Financial Services, along with a dozen CEOs from cryptocurrency companies like Coinbase, Bitfury and FTX held the Congress hearing on cryptocurrencies, titled “Hearing: Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States”.

Basically, crypto companies answered questions from members of Congress about the future of the industry, regulatory concerns, how it will affect banking and financial services, and more.

Immediately after the hearing, a speech by Rep. Brad Sherman, a Democratic congressman from California, was published, stating as follows: 

“Rep. Brad Sherman : “La minaccia numero uno per le criptovalute è la criptovaluta. Bitcoin potrebbe essere spostato da Ether, che potrebbe essere spostato da Doge che potrebbe essere spostato da HamsterCoin e poi c’è CobraCoin cosa potrebbe fare MongooseCoin a CryptoCoin?”

In Sherman’s list of cryptocurrencies, Mongoose Coin was supposedly invented jokingly, and soon after someone took inspiration to actually create it

And so MONG was born, initially on Avalanche, and within hours it was up 320,000%.

Mongoose Coin (MONG): the crypto meme goes on more blockchains

Sherman’s joke about the “crypto” Mongoose Coin has gone so viral, that within hours MONG was available on several blockchains

Initially, on Avalanche, then on Binance Smart Chain followed by Polygon, Fantom and Ethereum

Cobra Coin (COBRA), referred to by some as the “Mongoose Coin Killer”, also seems to be following in MONG’s footsteps. At the time of writing, COBRA is available on Avalanche, Ethereum and Binance Smart Chain. 

Not only that, even Hamster Coin (HAM), which unlike Mongoose Coin already existed before being mentioned by Sherman, has seen a price pump of over 50% in the last 24 hours. 

Dogecoin memecoin
Dogecoin is the best known meme coin

Memecoin-mania and the power of crypto communities

On the social network of crypto-lovers Twitter, users continue to share their happiness at having bought or set a long on the new MONG, COBRA and HAM memecoins. 

Something reminiscent of the original crypto memes such as Dogecoin (DOGE), which was endorsed by the notorious Elon Musk, and its rival Shiba Inu (SHIB), which climbed the crypto rankings by market capitalization in a matter of months. 

The power of the communities of the two memecoins par excellence has also been appreciated by global giants, such as the American cinema chain AMC which, with a Twitter poll, understood the community involvement first of DOGE and then of SHIB, agreeing to include them as payment methods for its cinema tickets. 

Petitions of 500,000 signatures to incorporate DOGE and SHIB into other platforms are also a successful tool of the crypto community. 

Shiba Inu’s strong community launched its petition to list SHIB on Robinhood as a result of the trading app’s successful revenue from transactions in DOGE. 

Recently, the CEO of Tesla, Elon Musk seems to have tweeted again about his beloved crypto, calling Dogecoin an alternative solution to Ethereum due to its high fees. This time, his intervention does not seem to have yielded much in terms of market appreciation.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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