What is Tiger King crypto and why has the price increased?07/06/2021
FANS of the popular Netflix docuseries Tiger King can now put their cash in a cryptocurrency with the same name.
We explain what you need to know about the crypto and why the price has increased.
But first, a word of warning: If you're thinking of investing, be aware that cryptocurrencies are highly volatile and you may lose all your money.
Investing doesn't come without risks, and you should never put cash into something you don't understand or that you can't afford to lose.
Newer cryptocurrencies are riskier than more established ones, such as Bitcoin, and make you more open to scams.
There's also scant regulation for cryptocurrency firms, so you may struggle to put things right if and when things go wrong.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
What is the Tiger King crypto?
The Tiger King crypto is a digital currency and meme coin on the Ethereum blockchain, which launched at the end of May.
It's said to be endorsed by Joe Exotic himself, whose real name is Joseph Maldonado-Passage.
He was convicted and sentenced to 22 years in jail last year after trying to hire someone to kill Carole Baskin, an animal-rights activist, and for counts of animal abuse.
The zoo keeper is said to hold a percentage of the token's supply.
The idea behind it is that the rise in price will help him pay his legal and medical bills.
According to the Tiger King crypto website, every buy of the token will increase the value of Joe Exotic's bag.
The crypto launch came a few weeks after Tiger King's Carole Baskin rolled out a $CAT coin.
Why is the price of Tiger King crypto rising?
The value of the cryptocurrency is currently sitting at $0.000006279, up by 55% over the past 24 hours, according to CoinMarketCap.
The crypto was worth a higher $0.0000107 earlier today, July 6, but has since fallen slightly.
The currency has benefited from support from Youtuber Matt Wallace, who tweeted that he's buying it up "fast".
He added that it's his second largest holding, only beaten by Dogecoin.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: "Holders of the Tiger King token have been on a wild ride upwards, fuelled by social media influencers jumping into the cage.
"But in this volatile crypto world, they should brace themselves for an equally savage drop, which could mirror Joe Exotic’s rise and fall.
"With so many competing tokens riding a popular wave and the fickle attitude of social media influencers, this tiger is likely to be burning too bright right now in the crypto currency jungle."
We explain what you need to know about Dogecoin spin-off Baby Doge.
Dogecoin surged in value last week after Elon Musk supported an "important" change to slash crypto transaction fees by 100 times.
Meanwhile, investors were recently warned about cryptocurrency trading platforms Bitcoin Rush and Bitcoin Storm.
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