Will Smith Meme Token Soars on Launch, but History Shows Such Rallies Rarely Last
A token known as Will Smith Inu (WSI) began trading on the decentralized exchange Uniswap (UNI) yesterday, with buyers rushing in as they attempt to capitalize on the (in)famous event that unfolded during Sunday’s Oscars ceremony. However, similar coins commonly end up on the ever-growing scrap heap.
The launch of the token followed the incident during which Hollywood actor Will Smith slapped his fellow actor and comedian Chris Rock on stage during the show. The slapping happened after Rock had made a joke about actress Jada Pinkett Smith, Smith's wife - specifically about her shaved head. Pinkett Smith has an autoimmune condition called alopecia.
Created by an unknown person or group of people, Will Smith Inu is not associated with Will Smith or the Oscars in any way.
The details on the token project’s website are also scarce, with only a “Will Map” that outlines the project’s next steps created so far. In the “Will 1” stage, a ‘litepaper’ is set to be published, while the “Will 2” stage will see both a team expansion and the launch of a decentralized autonomous organization (DAO), according to the website.
“Born from the moment Will Smith slapped Chris Rock at the Oscars,” the token’s website states, while also calling it “the next hottest crypto meme this bull run!”
At press time on Tuesday (12:55 UTC), the Ethereum-based token was up more than 440% since its launch on Uniswap, and is held by 591 unique addresses, according to the token’s contract address.
Worth keeping in mind, however, is that other tokens created in the past that were also inspired by amusing news events had rarely been good investments.
In December last year, a whole range of tokens had been created inspired by a rant against crypto by US Congressman
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