Developers of a new cryptocurrency have pledged to set fire to a Lamborghini once their digital asset’s total market capital reaches $100 million in a bizarre PR stunt. $POWSCHE is a new ‘memecoin’ – a type of cryptocurrency centred around internet trends – inspired by Porsche sports cars and has a total value of over $10 million.
The quirky stunt designed to go viral and subsequently grow the value of the coin has already attracted the attention of cryptocurrency fans online. “Powsche has shown what a crazy community can do” wrote one user on Reddit. “At 100 million, they’re burning a Lamborghini Aventador on livestream while drifting a Porsche around it. A clear goal with potential to give the project even more traction and media buzz”. Another crypto investor agreed: “Powsche is the only memecoin that I have any confidence in”.
The launch of the coin follows the recent sentencing of crypto mogul Sam Friedman-Banker who was found guilty of fraud and money laundering last month. Formerly known in the FinTech industry as ‘the poster boy for Crypto’, Friedman-Banker stole billions of dollars from the customers of his now bankrupt cryptocurrency exchange, FTX and was sentenced to 25 years in prison.
Commenting on the rise in popularity of memecoins and Powsche’s stunt, Hugh Reid, an investor and marketing specialist said:
“The power of memecoins lies in the passionate and tight-knit digital communities that form to rally for investment. From kickstarting digital trends on social media to organising giveaways, crypto communities often employ creative tactics to drive awareness of their asset. POWSCHE’s stunt is definitely a recipe for virality and could potentially lead to an attractive increase in interest in the coin. However, personal investors should always do their research and be aware of the high risks involved in investing in cryptocurrency. Crypto is highly volatile, unpredictable and scams are becoming more and more common.”
For advice on investing in cryptocurrency, UK investors can visit: https://www.fca.org.uk/investsmart/crypto-basics