Luigi Mangione Mug Shot
In this handout photo released by the Altoona Police Department, Luigi Mangione is seen in a holding cell after being taken into custody on December 9, 2024 in Altoona, Pennsylvania. Altoona Police Department via Getty Images

A cryptocurrency inspired by Luigi Mangione, the suspected killer of UnitedHealthcare CEO, has skyrocketed to $25 million market cap within hours of its launch.

Mangione, 26, was arrested in Altoona, Pennsylvania, days after the shooting death of CEO Brian Thompson in Manhattan. Authorities recovered a firearm, suppressor and a manifesto criticizing corporate America, CNN reported.

Mangione was arrested on firearms and other charges and is still only believed to be a person of interest in the shooting, according to police.

On Monday, shortly after Mangione's arrest, a memecoin called $Luigi was launched on the Solana blockchain, Pro Coin News reported.

Initially reaching $25 million in two hours, its market cap surged to $60 million within eight hours. The coin's creators remain anonymous.

Experts suggest the memecoin's quick rise reflects speculative behavior. On the other hand, critics, including Ramp Capital, warn of the ethical implications of commodifying a tragedy, claiming that "our society is cooked."

While $Luigi's meteoric rise in value demonstrates the influence of online trends, financial analysts predict an inevitable collapse. Some experts argue that the cryptocurrency's popularity highlights public frustration with corporate America, particularly the healthcare industry.

Meanwhile, law enforcement continues to build its case against Mangione, with NYPD detectives reviewing evidence linking him to the murder.

Originally published by Latin Times