n an unexpected event, the $LUIGI memecoin inspired by Luigi Mangione had gone up to $60 million in market capitalization. A reason for the rise in fortune follows the arrest of Luigi Mangione, 26-year-old accused murderer of UnitedHealthcare CEO Brian Thompson.
The Shooting and Arrest Details
UnitedHealthcare's CEO Brian Thompson, 48 years old, was shot dead in front of a Manhattan hotel building on Dec. 4, 2024. The attacker went up to him and started shooting multiple rounds at him and then managed to run away. Witnesses recalled chaos as Thompson collapsed onto the sidewalk and first responders pronounced him dead shortly after he arrived at the local hospital.
After a six-day manhunt, police arrested Luigi Mangione, 26, at a McDonald's in Altoona, Pa. The suspect, who also had a 3D-printed firearm, a suppressor and a handwritten manifesto against the healthcare industry, has proclaimed himself a "professional hacker."
His writings reflected anger about increasingly unaffordable healthcare and apparent corruption in the industry, police said.
The IT specialist from Maryland is facing charges of second-degree murder, illegal possession of a firearm, and intent to flee arrest. He is scheduled to appear in court today at 11 PM UTC.
Market Impact of Memecoin
The memecoin named after him, $LUIGI, saw unprecedented market activity following the arrest of the suspect. In the last 24 hours from writing, the market capitalization of the coin leaped from $29 million to $60 million all-time high. The daily trading volume leapt from $2 million to over $20 million once news about the arrest and the token rose 120% to $0.0047 per coin broke.
Memecoins are speculative assets that often surge based on the hype provided by online communities and viral trends, analysts say. In this case, $LUIGI does not have any utility in its core, yet its sudden link to the capsizing of the high-profile case made it relevant to traders looking for profits.
The price spike in the case of $LUIGI underlines that events, even if very far from a coin's underlying technology, can spur speculative interest.
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