Luigi Inu market cap hits $60M after arrest sparks surge
Luigi Inu (LUIGI), a memecoin inspired by Luigi Mangione, has surged to an all-time high market capitalisation of $60 million.
This sharp rise coincided with Mangione's arrest on December 9 in Altoona, Pennsylvania, for the alleged murder of Brian Thompson, CEO of UnitedHealthcare.
Initially, LUIGI’s market cap was $29 million but doubled following the widespread media coverage of the case.
The token, launched anonymously and trending on Solana-based Raydium, gained popularity as discussions about Mangione’s actions spread online.
Mangione has been charged with a “premeditated and pre-planned attack,” according to Pennsylvania police.
Surveillance footage captured him leaving the scene shortly after the shooting.
A manifesto attributed to Mangione that criticised corporate America further fueled the token's virality.
Some members of the crypto community have criticised the trend of hype-driven memecoins.
“Let’s build real applications using blockchain,” Binance CEO CZ tweeted, highlighting concerns over the speculative nature of such tokens.
Market observers warn of the risks associated with memecoins like LUIGI, which leverage sensational narratives.
“These tokens exploit the fear of missing out using viral narratives about wealth... but lack the fundamental value and stability of traditional assets,” Alex Beene stated.
In response to the tragedy, a new token named $BRIAN has emerged, advocating justice for Brian Thompson.
While $BRIAN's trading volume reached $691,000, its market cap dropped by 25.23%, reflecting mixed sentiments within the community.
