In news that surely proves crypto is some sort of glitch in the simulation, Dogecoin has dropped in value after a popular YouTuber and Doge investor publicly backed a Tiger King-themed coin instead. No, this is not a joke.
Matt Wallace took to Twitter over the weekend to claim that $TKing (Tiger King Coin) is going to “go crazy” when the second season of the popular Netflix series airs. However, it’s worth noting that Netflix hasn’t even greenlit a second season yet, so there’s a very big possibility that we’ll never see a sequel to Carole Baskin’s antics.
I feel like $Tking (Tiger King Coin) is going to go crazy when season 2 of Tiger King comes. I am buying it up fast.
— Matt Wallace ⚠️ (@MattWallace888) July 4, 2021
In the days following his tweet, the value of Dogecoin has dropped significantly, with the current price trading at $US0.1992 at the time of publishing.
The coin was founded by the Tiger King himself Joe Exotic and his legal team while he serves time in prison for animal abuse and murder, with the goal of the coin being to cover his legal and medical bills.
According to the coin’s official website, $TKing’s goal is to fight the “corrupt legal system.”
“Joe will always be the Tiger King, but his colourful career has landed him with a hefty legal bill in a bid to fight a corrupt legal system. Now he also faces the expense of cancer treatment. Joe has received a percentage of $TKING supply secured during the stealth launch of the coin. Every buy will increase the value of his bag,” a description on the website reads.
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Interestingly, Wallace has continued to push the narrative that season two is coming, despite the fact that Netflix is yet to officially confirm this.
While The Sun has previously reported it, there is no hard evidence to back the claims, so it feels like a huge gamble to be hedging your crypto bets on (and promoting).
$1k in $Tking now will equal $500k if it goes to just a 1 billion market cap.
Two major Hollywood Tiger King movies in the works (one staring Nicolas Cage)
Tiger King season 2 coming.
It’s his official coin but he owns less that 1%.
I am doing my best to let you know now.
— Matt Wallace ⚠️ (@MattWallace888) July 5, 2021
At the time of publishing, $TKing is up 189 per cent in a 24 hour period, and has surged massively since Wallace’s tweets. One $TKing coin is currently worth $US0.00004396.
However, experts in the industry have been quick to slam the coin as a Ponzi scheme, asserting that coins like this impact the credibility of the industry at large.
“Cryptocurrencies, in their purest form, are revolutionary and will do to money what the internet did to data, but these sorts of coins (like TigerKing Coin) is what is making the industry look like a playground,” Dr Iwa Salami, a senior lecturer in financial law at the University of East London told The Independent.
“There are so many nonsense coins, if you are getting into crypto it is absolutely crucial that you do your due diligence and make sure you make well-informed decisions based on good information and data. Following the crowd isn’t always the best thing to do and there is value to be had, but I would say it is best to avoid joke coins like this.”