![Why Ethereum [ETH] address outflows may be headed for DeFi](https://cryptonoiz.com/wp-content/uploads/2023/03/AMBCrypto_An_image_of_a_stylized_Ethereum_logo_with_arrows_poin_22f2aeff-c7bb-4c7d-aec7-547a37a35e82-1-1000x600-360x180.jpg){kind=logo}
Crypto degens have wasted no time after the passing of Queen Elizabeth II, flooding the crypto market with greater than 40 new Queen-related meme tokens, and a whole bunch of latest nonfungible tokens (NFTs) in the identical vein.
New tokens launched on decentralized exchanges on the BNB Sensible Chain and Ethereum over the previous 24 hours embrace names akin to Queen Elizabeth Inu, Save the Queen, Queen, QueenDoge, London Bridge is Down and Rip Queen Elizabeth.
In response to information from Dex Screener, the Queen Elizabeth Inu token on BSC-based PancakeSwap has since had the most important worth worth acquire over the previous 24 hours, with an eye-watering 28,506% pump to $0.00008000 on the time of writing.
Its $391,000 price of 24-hour commerce quantity pales compared to the Elizabeth token, nevertheless, which has seen $2.7 million price of commerce quantity in just below 12 hours. The asset has additionally had a meteoric pump of 8,442% to take a seat at $0.059931.
It’s price noting that each Queen Elizabeth Inu and Elizabeth have simply $17,000 and $204,000 price of liquidity behind them, indicating an absence of significant backing behind and a possible for short-lived pump and dump, just like the notorious Squid Video games token that crashed and burned in October final yr.
The 135,000 robust crypto hating neighborhood r/Buttcoin has, after all, chimed in on the matter, with person woliphirl joking that they have been “feeling bullish the U.Okay. will undertake Queen Elizabeth II Commemorate token as their nationwide forex within the coming weeks.”
This got here in response to a screen-grabbed picture from a put up within the r/cryptocurrency neighborhood that was commenting on how embarrassing this appears to be like for the crypto business as an entire.
Over on NFT market OpenSea, the RIP Queen Elizabeth undertaking has additionally sprouted up inside hours of the queen passing away.
There are 520 NFTs within the assortment, with every token that includes creative renditions of the queen with sinister undertones. It seems collectors haven’t jumped behind the undertaking as of but, because it has generated simply 0.06 Ether (ETH) price of sale quantity price roughly $101.
Associated: Liz Truss, who stated UK ‘ought to welcome cryptocurrencies’ would be the subsequent prime minister
The quantity of NFTs within the assortment appears to counsel that the undertaking’s creator was ready for the suitable second to launch the gathering.
Queen Elizabeth II handed away aged 96 and was the longest serving monarch of a sovereign nation, with 70 years and 214 days on the helm in England. She obtained robust assist from English residents and held monarchy approval charges of round 90% at instances throughout her reign.
