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Kirk Shooting Sparks Frenzy of Memecoins, Market Manipulation

Charlie Kirk Shooting Sparks Wave of Memecoins, Quick Profits, and Crypto Community Backlash

  • Dozens of memecoins themed around Charlie Kirk appeared after news of his shooting.
  • Some coins reached market values as high as $37 million before much of their value quickly collapsed.
  • Certain creators profited over $300,000 from these coins through Pump Fun‘s reward program.
  • Criticism arose in the crypto community about both insensitive jokes and the spread of uncensored footage online.
  • Similar patterns have occurred with other high-profile deaths or violent incidents, as the rush to create related memecoins repeats.

On Wednesday, the shooting of right-wing influencer Charlie Kirk resulted in the creation of numerous memecoins in the crypto market, many of them made on the platform Pump Fun. These coins were launched just hours after the event, capitalizing on online attention around Kirk’s death.

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Some of the Kirk-themed coins achieved market capitalizations as high as $37 million. However, many of these coins lost their value quickly. Some creators used tactics known as “rug pulls,” where they withdrew funds and caused other investors to lose money. Through Pump Fun’s reward program, some coin creators were able to earn over $300,000 from their Kirk coins.

There was backlash in the crypto community as some streamers and social media users made insensitive jokes about Kirk’s death. According to reports, one streamer, “RASMR,” deleted a post after facing criticism. Uncensored footage of the incident was also circulated by Polymarket Intel, a news account operated by the prediction market platform Polymarket. The footage was posted without prior warning, adding to concerns over how the event was handled online.

This surge of memecoin creation following tragic news is a recurring trend in the crypto space. The same types of coins appeared after the publicized stabbing of Ukrainian refugee Iryna Zarutska and the death of singer Liam Payne. The article notes this pattern often follows high-profile deaths or violent incidents, driven by profit.

Charlie Kirk was known for his controversial views and debates on topics like abortion, immigration, gun laws, and religion. Following news of his death, tributes were posted online, including from former Silk Road operator Ross Ulbricht, who said, “Charlie helped me get [my freedom] back. He never took credit for it but he played a BIG role in my freedom in many ways.” Polymarket’s founder, Shayne Coplan, has tried to present the company as a news organization, but Polymarket Intel’s decision to share uncensored footage without warning led to further debate about journalistic standards in the crypto news community.

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Additional coverage described how these events contribute to an ongoing debate about regulation and ethics in the cryptocurrency sector. More information and in-depth reporting can be found through the provided hyperlinks.

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