Mongoose Coin Gained 110,000% Within 24 Hours After Congressman Mocks it: Another Looming Cryptocurrency Rug Pull?

Mongoose Coin
Source: BTCManager

Is the Mongoose Coin another cryptocurrency scam? Mongoose coin came into existence on 8 December following a hearing at the US House Committee on Financial Services. Rep. Brad Sherman joked about a mongoose currency ruling the cryptocurrency markets soon. Following the joke, a rumour spread in the cryptocurrency market concerning the Mongoose coin, $MONG.

Someone took the challenge and created a “Mongoose Coin.” Investors got into the coin like a joke, and the coin pumped. Within the last 24 hours, Mongoose Coin has had over a 110,000% gain. This is not new, especially with meme coins. However, the question that remains looming in the cryptocurrency space is, is this an actual coin with a use case, or could it be another rug pull just like Squid Coin?

When writing this article, the token is trading at a $660,000 live market cap with a 24-hour volume of $1,100,100. The coin has a maximum supply of $69,420,000 coins and currently sits at $0.0000000000000002800 on Poocoin. 

The crypto coin, created out of a congress hearing, is yet to be listed by major cryptocurrency exchanges and sites like Coingecko, Coinbase, and even Binance. During the Congress meeting, Rep. Brad said that cryptocurrency is a threat to itself, giving an example of how Ethereum can replace Bitcoin, Dogecoin can replace Ethereum. Brad then concluded by asking, what could a “Mongoose Coin” achieve amidst all this hype and crypto coin trends?

A short period after the sentiments, someone created and launched the token $MONG, creating a buzz in the crypto space. The Twitter community warmed up to the token and bought in, causing massive price gains. 

Is Mongoose Coin a RugPull?

Squid Coin gained popularity overnight, just like the Mongoose Coin. It is unclear whether the coin is a rug pull or not, but investors have to be careful. As an investor, it is good to look at critical issues of a coin before investing in, like 

  • White Paper
  • Coin listings
  • The Developers
  • Distribution among Holders
  • The coin’s use case
  • The legitimacy of the website or social media pages

Mongoose coin is created on a polygon network and has no official website or social media sites. The only active page is the Twitter page. The coin lacks any significant backing, and the creators are unknown. Major exchanges and popular sites have no listing of the coin. It is therefore surprising that the coin has such massive gains within 24hours. It might be the creators going all in to encourage users to dive in, and then amid the hype, the creators might collect all the profits.

However, the creators of the coin openly share on Twitter the coin is not here to rug pull anyone but to achieve an actual use. 

It is difficult to affirm whether the coin is legitimate or not; only time will tell.