The bull market has pushed the meme coin market to a new height, allowing emerging tokens to thrive. Surprisingly, during the market boom, the meme coin community has created a new niche for the controversial Luigi Mangione.
On December 8, law enforcement agencies arrested Luigi Mangione over the murder of UnitedHealthcare CEO Brian Thompson, and ever since, various meme coins have surfaced supporting the suspect. Before the arrest, footage of the CEO’s murder hit the media, showing how a suspect walked close to the deceased before shooting him from behind.
More so, the police identified Luigi Mangione, leading to his arrest. Prosecutors are currently investigating the motive behind the Maryland-born man’s decision.
Campaign Against Healthcare Corporations
Investigations revealed that he founded a book club where they read materials from Unabomber Ted Kaczynski’s manifesto. Kaczynski is a mathematical professor who abandoned his profession and became a domestic terrorist, campaigning against people he feels are threatening the climate.
Mangione, a fan of Kaczynski, regarded the former mathematics professor as a political revolutionary. Hence, there are emerging pointers that the suspect is motivated by the domestic terrorist who initiated various mail bombings as part of his protest against modern technology.
Conversely, Luigi Mangione is celebrated in a folk hero style as some perceive his action as a move to challenge corporate greed. Those who have shown sentiments towards the suspect argued about the unfairness in the medical insurance sector.
They contended that the killing was motivated by his frustration at the bad policies of the health insurance company. In one of his writings, Mangione submitted that the US healthcare system is expensive, allowing health establishments to rake in colossal profits.
The suspect argued that the US healthcare system is the most expensive in the world, and the profits of top companies in the sector have been on the rise. However, according to the suspect, this revenue growth is to the detriment of US citizens, denying them access to quality healthcare.
Further analysis of the suspect’s writings and social media posts indicated that he perceives the killing of the CEO as a takedown and a significant blow to “greedy healthcare corporations.”
How Luigi Mangione Became Popular in the Meme Coin Market
Now, Luigi has become the face of numerous meme coins and project teams are capitalizing on the controversy around the murderer to attract investors. On the flip side, traders are going all in on these tokens to capitalize on their hype and the relevance of the case.
Among the host of meme coins that have featured the face of the suspected CEO killer is $LUIGI. Shortly after the arrest of the suspect, the token soared massively hitting $60 million market capitalization.
Despite recording such a massive price increase, the meme coin has recorded some corrections, leaving its market cap at $4.8 million, according to Dexscreener. The Solana-based meme coin tanked further, and it is enduring a free-fall as the value of the token has dipped to $0.004837.
Meanwhile, the market data indicated how the hype and sentiment around the token have reduced significantly. The success of LUIGI has generated some debates as critics are questioning how investors are capitalizing on a criminal case to make gains.
Critics stated that the trend and hype around the meme coin are distasteful. However, in their defense, enthusiasts argued that the short-lived trend illustrates the market’s ability to take advantage of any situation and turn it into a financial opportunity.
Opinions may vary, but still, one thing remains evident, and it is how Luigi Mangione will continue to live forever on the blockchain. Despite the controversy, the situation has already established itself as one of the most crucial moments of the meme coin market and the cryptocurrency space by extension.
Parting Words
While Luigi is a controversial figure, the suspect has found a new home within the meme coin market. Regarded by some as a folklore hero, various meme projects have featured the Maryland-born suspected killer of UnitedHealthcare CEO in their imagery.
Meanwhile, Luigi is fast becoming a strong movement, but investors must be wary of investing in the tokens associated with the figure. Most meme coins are only riding on hype surrounding the case, and the sentiments may sway by the time the issue reaches a conclusion.
Therefore, investors must reduce their exposure to tokens associated with Luigi to avoid incurring huge losses.
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