Will Smith Slap Inspires New Token And It Rallied 10,000% After Oscars Assault

A newly-created cryptocurrency inspired by Will Smith slapping Chris Rock at the 94th Academy Awards has seen a massive surge over the last day.

What Happened: A token called Will Smith Inu WSI/USD began trading on decentralized exchange Uniswap UNI/USD shortly after the events at the Oscars unfolded.



The Ethereum ETH/USD-based token amassed a trading volume of $3.65 million in the last day and has since lost most of its value. The token was still up 287% as of Tuesday morning.

As it is fairly simple to create a blockchain-based digital asset using the ERC-20 or BEP-20 token standard, meme-coin creators have often quickly capitalized on current trends to make quick profits.

In this case, the creator of the token reportedly made around 10 ETH or $33,000 while spending 4 ETH or $13,200 on creating the contract and supplying the initial liquidity.

Last year, a token inspired by Netflix Inc’s NFLX Squid Game saw a similar rise and fall in value. Despite being labeled an obvious scam, the token saw an 83,000% surge in price before crashing to zero.

Meme-coins Shiba Inu SHIB/USD and Floki Inu FLOKI/USD have also seen significant price rallies after Tesla Inc TSLA CEO Elon Musk tweeted about naming his dog “Floki.”


Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsChris RockEthereumWill Smith
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!