A memecoin of UnitedHealthcare CEO shooting suspect Luigi Mangione is skyrocketing in value just days after Brian Thompson was killed on a New York City street.
The memecoin hit a $29 million market cap Monday afternoon after Mangione, 26, was arrested in Altoona, Pennsylvania.
Memecoins are a type of cryptocurrency created as a result of a meme or online trend, but their value is often misunderstood by the public, according to Alex Beene, a financial literacy instructor for the University of Tennessee at Martin.
"When someone outside the crypto-bubble of thinking encounters headlines like this, they view it as absolutely insanity," Beene told Newsweek. "After all, who would invest in a digital currency inspired by the alleged killer of a major company's CEO? However, this currency is the latest in a string of coin offerings meant to capture some monetary value on online stories and moments that go viral and manufacture a financial component to the enthusiasm around them."
Beene said the emotions behind the event and its "meme" mimic sports betting in a way, as genuine feelings on events have dollar amounts put to them.
"Of course, I wouldn't look at this memecoin as a storage of wealth like gold or bitcoin," Beene said. "It's a financial novelty on an engaging, yet highly troubling news story."
New York City Police Department (NYPD) Commissioner Jessica Tisch said Mangione "is believed to be our person of interest in the brazen, targeted murder."
New York City Mayor Eric Adams confirmed Mangione "matches the description" and was "in possession of several items that we believe will connect him" to the murder, according to CNN.
Police said Mangione had a manifesto note written describing his "motivation and mindset" and that also reflects some "ill will toward corporate America."
Mangione appears to be shown in surveillance footage exiting the subway just minutes before Thompson was gunned down outside the New York Hilton Midtown last Wednesday.
Thompson was killed shortly before 7 a.m. during his walk to UnitedHealthcare's yearly investor conference at the Manhattan hotel, just steps away from Radio City Music Hall.
The NYPD called the shooting a "premeditated, pre-planned attack."
The alleged shooter was staying at a hostel in the Upper West Side before the attack. Right after the shooting, the suspect fled and rode an e-bike into Central Park.
Mangione, who was born and raised in Maryland, was arrested with a gun, silencer and fake New Jersey ID that matched the one used at the Upper West Side hostel, according to police.
Mangione was class valedictorian at the Gilman School, a prep school in Maryland. After high school, he attended the University of Pennsylvania, earning undergraduate and graduate degrees in computer science.
"Our hope is that today's apprehension brings some relief to Brian's family, friends, colleagues, and the many others affected by this unspeakable tragedy," UnitedHealthcare said in a statement to CNN. "We thank law enforcement and will continue to work with them on this investigation. We ask that everyone respect the family's privacy as they mourn."
Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, said the worth of the cryptocurrency is "entirely speculative" and depends on what the next person is willing to pay.
"The recent surge in value is driven purely by speculation and the heightened attention surrounding a nascent event," Thompson told Newsweek.
Looking at the implications of the memecoin's surge in value, Thompson said it could force companies to consider updating their policies to prioritize the well-being of their clients. This is particularly true in the insurance industry, where many find themselves facing significant medical debt or unable to get lifesaving treatments because of cost.
"Financially, this phenomenon holds little significance," Thompson said. "However, from a public perspective, it may represent a moment of clarity or a shift in awareness. This could be seen as a symbolic reaction, akin to the French Revolution, where individuals begin to recognize the collective power they wield over corporations."
English (US) ·