From the raid on Polymarket's founder by the FBI to the death of Peanut, PolitiFi-like MEME coins are being hyped up.

CN
16 hours ago

From the FBI raid on Polymarket's founder to the political movement sparked by the euthanasia of Peanut, these events have evolved into a public protest against issues such as regulation, free will, and political motives. The hype around PolitiFi MEME coins like Free Shayne Coplan and Pnut further demonstrates that the crypto market is increasingly becoming a tool for protest and reform in the United States.

Written by: Nancy, PANews

After the U.S. presidential election, Shayne Coplan, the founder of the Polymarket platform, which accurately predicted the election results, was suddenly raided by the FBI. This action was described as "political retaliation" and received support from Musk. Meanwhile, the investigation into Polymarket has sparked strong reactions within the crypto community, leading to significant funding for the related MEME coin Free Shayne Coplan (Eagle).

FBI Raid on Shayne Leads to Support from Musk, Eagle-Themed MEME Coin Goes Viral

The prediction market platform Polymarket played a crucial role in this year's U.S. election predictions, not only attracting substantial funding but also accurately forecasting the election results, which is considered more reliable than traditional polls.

However, according to Bloomberg, insiders revealed that Polymarket is under investigation by the U.S. Department of Justice for allegedly allowing U.S. users to place bets on the platform. The FBI issued a search warrant for Polymarket CEO Shayne Coplan, searching his residence in New York and seizing his phone and electronic devices.

Reportedly, in 2022, Polymarket reached an enforcement agreement with the U.S. Commodity Futures Trading Commission (CFTC), agreeing to prevent U.S. traders from using the platform and paying a $1.4 million fine to settle.

After the FBI raid, Shayne Coplan tweeted in response, "It’s frustrating that the current government would make a last-ditch effort to go after companies they believe are associated with political opponents. We remain steadfast in our commitment to a nonpartisan stance, and that remains true today, but the current government should engage in some self-reflection and recognize that taking a more supportive stance towards businesses and startups may be key to changing election outcomes. Polymarket has provided value to tens of millions of people during this election cycle and has harmed no one. We are proud of that. I can proudly say that the future of America, especially for American entrepreneurs, has never looked brighter. In the face of adversity, we will continue to build."

Coplan's remarks received widespread support from the crypto community, questioning and criticizing the actions of U.S. regulators, while Musk's public backing further heightened the attention on the incident.

At the same time, the MEME coin "Free Shayne Coplan," born from the Polymarket incident, has sparked a market frenzy. DEX Screener data shows that as of the time of writing, Free Shayne Coplan's market cap soared to nearly $47 million just hours after its launch, peaking at over 1840 times its initial value.

Notably, the icon of Free Shayne Coplan, the eagle, not only represents Shayne Coplan's likeness but also symbolizes the United States, in a sense representing supreme authority.

Musk Speaks Out Again on Peanut Incident, MEME Coin Pnut's Market Cap Soars

The investigation into Polymarket bears a striking resemblance to the recent controversy surrounding the death of the internet-famous squirrel Peanut.

PANews previously reported that officials from the New York State Department of Environmental Conservation (DEC) arrested Peanut without a search warrant, leading to the squirrel's euthanasia after it bit an investigator. This incident garnered widespread attention and received multiple endorsements from Musk, quickly evolving into a political movement in the U.S.

In recent days, after Trump announced he would lead the U.S. Department of Efficiency (abbreviated as DOGE), Musk again used the Peanut incident to mock the current state of the U.S. government.

On November 13, Musk responded to a user's question about the "necessity of the U.S. government's efficiency department," stating, "America is saved by a squirrel and a MEME coin." He later commented on a post regarding the U.S. government's useless expenditures, again responding with a "Peanut" meme. On November 14, Musk responded to a user saying, "They senselessly killed Peanut," with "Yes."

Musk's comments intensified the political drama, and as the incident gained traction, the market sentiment around the MEME coin Pnut surged, with its market cap skyrocketing to over $2 billion within just half a month of its launch.

Whether it is the investigation of Polymarket or the euthanasia of Peanut, both have evolved into a public protest against issues such as regulation, free will, and political motives. The hype around PolitiFi MEME coins like Free Shayne Coplan and Pnut further proves that the crypto market is increasingly becoming a tool for protest and reform in the United States.

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