Ryan Watson, a 29-year-old landscaper and cryptocurrency investor from Binghamton, New York, slept through the Oscars, including the infamous moment when Will Smith slapped Chris Rock. But two days later, he was elated to see what the event had spawned: a memecoin, dubbed Will Smith Inu.

The slap’s near-instantaneous minting into coin didn’t come as a surprise. Memecoins are cryptocurrency tied to viral moments and internet jokes, with a fleeting value that tends to rise and fall quickly. Some currencies, such as Dogecoin and Shiba Inu, have endured and are accepted by Tesla and GameStop as payment. Most, like Space Kim – a token satirising North Korean leader Kim Jong Un – are jokes, a risky investment without any tangible purpose.

Washington Post