No one knew that there would be a Mongoose Coin just 24 hours after a skeptical congressman made up the coin in a statement in which he expressed reservations about cryptocurrencies. During a house committee session which has 6 cryptocurrency project leaders in attendance, Brad Sherman said,
The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be displaced by DOGE, which could be displaced by HamsterCoin. And there’s CobraCoin, what could MongooseCoin do to CryptoCoin?”
Sherman, who was a vocal opponent of Facebook’s coin in 2019 couldn’t have known that using the word soup would result in a new coin that already allegedly has a market capitalization of $25 million.
The reaction of the coin community to the congressman’s statement has seen coins such as Mong Coin and Goose Coin in the works. This may point to the simplicity with which cryptocoin projects can be spawned. It is also an indication that not all of these projects are original ideas that have genuine use cases.
There is another angle to this: the industry is known to adapt to conditions, circumstances and situations that may not really be of serious uses as seen with dogecoin, the meme coin that was made for fun. Perhaps, coins that were inspired by Sherman would go down as those that were consequence upon the attempt by a US Congressman to denigrate digital currencies.