What is Luigi Mangione Crypto? Everything You Need to Know About the Memecoin

Last updated:12/26/2024

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The crypto community has taken notice of 26-year-old suspect Luigi Mangione, who is believed to have killed UnitedHealthcare’s CEO. Not only did his arrest, manifesto, and phenomenal media attention take center stage, but they also served as the impetus for the introduction of other meme currencies.

After fewer than eight hours after the launch, LUIGI’s market cap soared to $60 million, solidifying its victory. The world of cryptocurrency is constantly evolving. The assassin who murdered UnitedHealthcare’s CEO and rode off on an electric bike sounds like something out of a Hollywood blockbuster. Fairly contemporary.

People were moved by Mangione’s anti-corporate statement. Not only do low-income Americans struggle with health insurance, but the problem affects the entire country. The denial of reimbursement for required procedures happens all too frequently, even for individuals who pay for health insurance.

The five-day manhunt for the murder of UnitedHealthcare’s CEO, which culminated in his dramatic arrest, further intensified the suspense. As soon as Luigi Mangione was named, a deluge of new meme coins appeared. One LUIGI in particular rose to prominence among them.

Mangione was the perfect subject for memes and viral posts due to his unusual ethnic and social background, remarkable appearance, and the events surrounding his capture. I mean, why not? Meme coins have also recently been released.

Like a true Italian, Luigi Mangione’s fatal error as an assassin was giving himself away by stopping to flirt with the cashier at the cafe before going to work pic.twitter.com/NGKSpBQAAv

— Lee (Greater) (@shortmagsmle) December 9, 2024

What is Luigi Mangione Crypto? The Alleged CEO Killer Who Became a Meme Coin Phenomenon

Amidst the deluge of meme currencies created in his honor, one stuck out and amassed a remarkable $60 million in market capitalization. Within hours, LUIGI rose, but it quickly fell by 65% and is now trading at $35 million. Particularly for meme currencies, such extreme volatility follows a quick ascent.

The triumph of LUIGI naturally caused some controversy. Skeptics found the practice repulsive and questioned the morality of making money off of a criminal prosecution. The coin’s backers said it was a symbol of how internet culture can seize opportunities whenever they arise. Meme coin world, though, has saw far worse in the past several years.

Not only in news articles, but also on the blockchain, Luigi Mangione’s legacy will continue. Although its long-term viability is uncertain, LUIGI has undoubtedly become a watershed event in the history of cryptocurrency.

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Luigi Coin’ Surges 35,000% After Luigi Mangione’s Arrest

Following the arrest of Luigi Mangione, the man charged with the murder of UnitedHealthcare CEO, Brian Thompson, the value of “Luigi Coin” skyrocketed by an incredible 35,000%.

The cryptocurrency, a meme token that nobody remembered, experienced a meteoric rise to a market valuation of $55 million and a trading volume of over $100 million in just one day.

The market’s insatiable hunger for riskier assets is driving this bizarre boom. From obscure cryptocurrencies to major stock indices, speculation has driven prices to historic highs during the previous two years. In the fourteen months following October 2023, the S&P 500 had a roughly 50% increase.

Such occurrences are quite unusual. While this was happening, Bitcoin’s market cap soared beyond $2 trillion, making it the largest cryptocurrency by far, outpacing even the entire silver market and Saudi Aramco.

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