US Congressman's Joke During Hearing Leads To Creation Of New 'Mongoose Coin'

After mocking the coin-eat-coin world of digital assets during a Congressional hearing a few days ago, US Democratic Representative Brad Sherman of California has actually become an inspiration for creators of the digital tokens. His words were all the motivation cryptocurrency aficionados needed to start working on a new coin. He made a joke about “Mongoose Coin”, a cryptocurrency that doesn't exist. But his joke surely did lead to its creation. What could MongooseCoin do to CryptoCoin, he asked, using the hypothetical coin as a metaphor. The mongoose is well-known for its voracious appetite for rodents and snakes.

He claimed that Bitcoin can be replaced by Ethereum, which, in turn, can be replaced by Dogecoin, Hamster Coin, Cobra Coin, and other altcoins. The cryptocurrency world responded almost immediately to the California Democrat's statements on meme coins and minted several tokens themed around the fictional Mongoose Coin overnight. At the time of writing, the crypto token, Mongoose (CRYPTO: MONG) had amassed a total market capitalisation of $14.75 million, with about 6,900 holders. The daily trading volume exceeds $6 million.

The website of Mongoose Coin states that this is the “first ever meme coin named by a US senator”. It adds, “Brad Sherman, member of House of Representatives created the first ever Government approved meme coin.” It's Twitter bio reads, “Named by Congress. Made by the Mongress. The official viral Mongoose Coin.”

The Twitter handle also posted a tweet that read: “Mongress > Congress”.

Ridiculing Sherman's comments on cryptocurrencies being a threat to each other, a Twitter handle stated that “a world where we can live together is possible”, and went on to add, “2022 will be the year of Hamstercoin and we will see what happens when the power of the community and project combined”.

In a post on Medium, a spokesperson from Mongoose Coin wrote on the coin's roadmap, stating that it was “a movement that captures the community's fight against regulators, for freedom and for a common goal”.

A number of other spinoffs based on Mongoose Coin such as Goose, Son of Mongoose, and Baby Mongoose were also created soon after.