Mongoose Coin: Lawmaker's Joke About Crypto At Hearing Leads To A New Coin

A new cryptocurrency by the name of Mongoose Coin has many investors excited and the token is already pumping.

The new crypto was born out of a hearing in the U.S. Congress on cryptocurrencies. Six executives from cryptocurrency firms testified before the House Financial Services Committee on Wednesday and warned lawmakers against chilling laws and regulations.

Among those who testified were FTX CEO Sam Bankman-Fried and Coinbase CEO Alesia Jeanne Haas.

Rep. Brad Sherman, D-Calif., said at the hearing that blockchain-based assets are a huge threat to themselves because of the race to be the number cryptocurrency. "Bitcoin could be replaced by ether which could be replaced by doge," he said. That "could be replaced by Hamster coin and then there's Cobra coin." And then asked sarcastically, "What could mongoose coin do to crypto coin?"

The question led to the birth of the Mongoose Coin. According to a report from Mashable, the cryptocurrency was up by 320,000% on Dec. 8.

Data from Poocoin shows that as of 1:14 a.m. ET, the value of the Mongoose Coin (MONG) is around $0.43. Rep. Hamster Coin (HAM), which Sherman mentioned, rose more than 81% after the comment. The coin is now trading at $0.0000000216693.

The surge in value is reminiscent of what happend when the Omicron variant of the COVID-19 virus was named by the WHO and helped the namesake Omicron coin to jump.

Coming back to the Mongoose coin, data from TheBitTimes shows that nearly 45.9% of the token's supply is owned by a single wallet. Five wallets togther own 93.35% of the entire supply — theoretically making it very easy to initiate a "rug pull," crypto speak for when the developers abandon the coin and run away with investors' funds.