Queen Elizabeth II is dead, but will live on as cryptocurrency

In the days following the queen’s passing, more than 40 types of meme coins were minted, industry data and media reports show. These virtual forms of currency are often created by anonymous people with access to coin-creating websites — and an idea for a clever name. And they are notorious for wild swings in value.

That includes Queen Elizabeth Inu coin, which broadly honors her death and is built and available on various cryptocurrency platforms. The coin is currently priced around $.000003, after a nearly 30,000 percent surge and drop from where it started. There’s also Long Live the Queen, a coin that lost steam within hours of minting.

Experts said most of these coins are typically a joke or a scam rather than legitimate forms of payment — or even akin to gambling in the new decentralized world of the internet, known as web3.

“It’s no different from people selling T-shirts outside of Buckingham Palace,” David Hsiao, the chief executive of the crypto magazine Block Journal, said. “This is just the web3 version.”

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By most accounts, meme coins came into existence around 2013, as an image of a talking Shiba Inu puppy called Doge was gaining viral fame. A pair of software engineers released a themed digital currency called dogecoin, intending to satirize the cryptocurrency market.

But in 2021, as crypto gained mainstream acceptance, the sector began booming. Notable personalities, such as Tesla and SpaceX CEO Elon Musk, touted meme currency, like dogecoin, online.

Some currencies, like dogecoin and Shiba Inu, have endured and are accepted by Tesla and GameStop as payment. Most, like Space Kim — a token satirizing North Korean leader Kim Jong Un — are jokes, and a risky investment without any tangible purpose.

Even bitcoin, a cryptocurrency that has been around for over a decade and is considered more mainstream, is prone to steep swings in value. And the sector is largely unregulated, leaving it wide open to scams.

Where Queen Elizabeth II’s face appeared on bank notes worldwide

Meme currencies are often limited in value, with many going for less than a fraction of a penny. Their value has limited financial underpinnings and is often based on the belief that “other people will buy it from you for more than you paid for it,” said crypto critic and web3 blogger Molly White.

“If it goes viral, that’s the best-case scenario because … people see that it’s going massively up in price and so they want to buy it,” she said. “It makes sense that people are basically just waiting for any topic that they think has any chance of going viral so that they can capitalize on it.”

For coins like Queen Elizabeth Inu, the price swings can be sharp and quick. The coin started trading a few hours before her death was announced, as Buckingham Palace announced she was sick. Shortly after her passing, the value of one coin was roughly $. 000185, according to crypto data site Dexscreener. As of Friday afternoon, the coin had fallen even closer to zero value.

But on the encrypted messaging app Telegram, where investors talk about the coin’s performance, some remain bullish. “$50k is EASY with this coin! I do believe when the funeral comes this coin will get $500k,” one person said. Another person was more direct: “Funeral day incoming. FILL THOSE BAGS,” they said.

In recent days, the tone of the channel, which has nearly 900 members, has shifted.

“The queen and this token are dead,” one user wrote. “Let them Rest in Peace.” Others encourage patience as the coin’s price drops in value: “Guys! Trust the process!”

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