Memecoins
As Windows machines entered recovery mode around the world, memecoins symbolizing the fiasco took over
Windows systems around the world have been experiencing crashes as users reported entering recovery mode while experiencing the infamous Blue Screen of Death (BSOD). The issue was reportedly caused by an automated CrowdStrike update it went wrong.
Memecoins emerged shortly after, mocking the global fiasco that caused many businesses and institutions to shut down or find workarounds to operate. All sectors were affected, including banking, aviation, finance, and railways. No cryptocurrency companies reported any problems due to the outage.
However, memecoins around Microsoft, Windows, CrowdStrike, and BSoD took over, with some holding around $50,000 in stablecoin liquidity. They saw their market caps skyrocket, reaching as much as $1 million, as traders flocked to them to invest money early and get out before they crashed. These memecoins took over Ethereum and Solana. The Solana network saw hundreds of memecoins generated using the pump.fun deployer.
Cryptocurrencies that surround events like these experience an immediate surge, which traders take advantage of to book huge profits in short periods of time. However, these strategies are not sustainable in the long term, as the tokens have no intrinsic value and collapse when the world moves away from the topics they originated from.
Meanwhile, many figures in the crypto ecosystem took advantage of the outage to highlight the stark differences between traditional technology and its all-decentralized, blockchain-based counterpart.
Multisig wallet service co-founder Jameson Lopp used X to express According to them, “the massive infrastructure outages currently occurring globally are a prime example of why Bitcoin node software does not update automatically. Automatic updates introduce systemic risk.” Pro-crypto Senator Cynthia Lummis wrote“Do you know what form of currency was not affected by the widespread computer outages? Bitcoin. Vires in Numeris.”