The crypto market is a paradise for speculators and scammers. Why so? Well, because almost anyone can create their own cryptocurrency in a large blockchain network. Instructions are publicly available. It’s just a matter of persistence to understand the process and having the minimum amount to pay a fee for “issuing” a token. That said, there’s no control over such “assets.”
But it’s doubtful that anyone would do this for the sake of interest, isn’t it? The “creator” of the next token probably knows how decentralized exchanges work, has a few thousand dollars, and can interest a fool use Twitter, Medium, and Discord. That’s why there are already more than 22,000 cryptocurrencies in the market, according to CoinMarketCap. Actually, there are many more.
So, creating another cryptocurrency themed merely to something famous is as easy as ABC. For example, Elon Musk is especially popular in the cryptocurrency community. The service mentioned above knows over 20 different tokens with Musk in the name. Why do you think Floki Musk, Musk Metaverse, or even F*ck Musk (yep, there’s one in BNB Chain, too) were created? Probably, “just for fun.” But then, why create liquidity pools for these tokens on DEXs? Obviously, these are speculative instruments.
In this context, speculation is built around emotions. Does Elon Musk evoke emotions? Sure, he does, and not just positive ones. That’s why the token F*CKMUSK appeared. Memes also arouse emotions, need I remind you of Dogecoin’s success? By the way, Musk had a hand in its success, too. Do the holidays evoke emotions? Undoubtedly! Christmas and New Year’s Eve in particular. As you’ve probably guessed by now, cryptocurrencies related to this stuff also exist. And even Santa Musk with a ticker symbol MUSK.
So, we’re getting to the bottom line here. What are Christmas and New Year cryptocurrencies? For example, there are quite a few tokens inspired by Santa Claus:
- Santa Coin (SANTA);
- Rich Santa (SANTA);
- Santa Inu (SANINU);
- Santa Floki v2.0 (HOHOHO V2.0) and over a dozen others.
A lot of them are traded on DEXs, and some really attract attention. For instance, the daily trading volume of HOHOHO V2.0 is about $12,000 at the time of writing (December 27). But it reached almost $300,000 yesterday — that’s when speculators hurriedly dumped the token, realizing there was a decline. The purpose of “investing” in such “assets” is to buy as low as possible and sell as high as you can.
There are seven Christmas-themed tokens to be found on CoinMarketCap:
- CHRISTMAS DOGE (XDOGE);
- CHRISTMAS SHIBA (XSHIB);
- Christmas Floki (FLOC) and others.
Not all of them have a trading history. However, the three mentioned have; for example, the trading volume of XDOGE exceeded $400 thousand momentarily. And these tokens “work” according to the same scheme: buy low, sell high.
New Year’s Eve also “formed the basis” for many tokens. What if you combine BAYC and New Year? You could get a NEW YEAR APE, why not? Or a token inspired by Jingle Bells? Easy. There’s even a Krampus token. Many of these “assets” were created in 2022 and aren’t yet tracked by CoinMarketCap or CoinGecko services, but trading pairs involving them have already automatically lifted up on these DEX aggregators.
I’d like to remind you that the winners of meme coin speculation, including speculation related to Christmas and New Year, are always their creators, who have unlimited resources to influence the “market value” of such “assets” because they manage their issuance and liquidity pools.
To cut a long story short, be careful not to make rash investments during the New Year. Ho ho ho.
