After Arrest for Murder, $LUIGI’s Market Cap Hits $60M

Luigi Inu, a memecoin inspired by Luigi Mangione, has reached an all-time high in terms of market cap, reaching $60 million. This market movement is linked to Pennsylvania police arresting Mangione for murder.

The Luigi Inu (LUIGI) token first began gaining traction following Mangione’s arrest in Altoona, Pennsylvania, and was charged on December 9. Following confirmation of the arrest, the token’s market cap reached $29 million before skyrocketing to $60 million. Originally launched by anonymous crypto traders, the token is trending on Raydium, an automated market maker built on Solana.

LUIGI/SOL price chart shows recent trading activity with fluctuations leading to current price 0.0003198

The connection between Mangione and memecoin lies in the fact that his arrest and subsequent media attention significantly increased the popularity and value of the token.

Who is Luigi Mangione?

According to police, Luigi Mangione is linked to the murder of UnitedHealthcare CEO Brian Thompson in Manhattan. Surveillance footage also recorded Luigi Mangione leaving the area shortly after gunfire erupted. Mangione also published a manifesto disparaging things about corporate America, which increased the memecoin’s virality.

The problem with memecoins based on hype

I’m not against memes, but meme coins are getting “kinda” weird now.

Let’s develop real applications using blockchain.

— CZ 🔶 BNB (@cz_binance) 26 November 2024
Tweet from Binance CEO CZ

Following recent market movements, a large number of new cycle memecoins have been disappointed by their failure to break all-time highs, and many have begun to question the phrase “memecoin supercycle” advocated by Murad Mahmudov at the Token2049 conference in September. While hysteria-inspired meme tokens potentially straddle the line between tragedy and speculation, experts warn that there are dangers in tinkering with such miraculous assets.

Alex Beene believes that these tokens like LUIGI capitalize on the fear of missing out by using viral narratives about wealth that become attractive like sports betting. But they lack the fundamental value and stability of traditional assets, making them highly volatile and risky investments.

I feel like there’s a better narrative here and eventually people will start to convert to it $BRIAN and stop supporting a murderer. but maybe I trust CT too much. https://t.co/Bem5eaD5VG

— BaketheSnake 🪖 (@BaketheS77946) December 10, 2024
Screenshot of a crypto tracking platform showing data for the ‘BRIAN’ token along with the slogan ‘Justice for Brian Thompson’. Data shows that market cap is $68K, down 25.23%, with 24-hour trading volume $691K and liquidity $33K.

Many netizens are trading LUIGI tokens, and some actively support the anti-establishment idea that Mangione is said to have envisioned. However, many in the crypto community also condemn the incident and seek justice for the victim. A new token called $BRIAN has also emerged, aiming to bring justice to Brian Thompson.