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The Defiant 2025-02-28 20:41:23

Elon Musk Calls Meme Coins Gambling as Streamer's Death Highlights Crypto Risks

Elon Musk Calls Meme Coins Gambling as Streamer's Death Highlights Crypto Risks

Elon Musk, during an appearance on the Joe Rogan Experience podcast, compared meme coins to gambling, describing them as being 'like a casino or something.' His remarks highlight the speculative nature of meme coins in the cryptocurrency market. A Fast Company report titled 'Meme coins aren’t just harmless fun' detailed the tragic death of a streamer, MistaFuccYou, who reportedly lost his last $500 to a meme coin scam. The incident involved a livestreamed Russian roulette stunt, which was allegedly part of an extreme marketing ploy for another cryptocurrency. In the aftermath of the tragedy, opportunistic traders launched crypto tokens bearing MistaFuccYou's name, leading to a brief spike in value before a crash. The incident exposes the exploitative behavior and risks associated with meme coins, including scams and market manipulation. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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