Does the 'Next Pope' Know the Coin Board?… Soared 2000% in an Instant
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- Bloomberg News reported that traders are betting on meme coins themed around candidates for the next pope ahead of the conclave.
- It was reported that the meme coin themed around Cardinal Pietro Parolin surged over 2000% in price shortly after the death of Pope Francis on the 21st.
- Meme coins themed around Cardinal Parolin of Italy, Cardinal Tagle of the Philippines, and Cardinal Turkson of Ghana also showed highly volatile movements.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
As the 'Conclave' (Papal Election Secret Meeting) to elect the next pope is expected to be held as early as next month, meme coins themed around papal candidates are attracting attention.
On the 24th (local time), Bloomberg News reported through a newsletter that "cryptocurrency traders are betting on who will be the next pope using meme coins" ahead of the conclave. Meme coins are speculative cryptocurrencies with no intrinsic utility. They are low-priced and have low liquidity, making them highly volatile and requiring investor caution.
The meme coin themed around Cardinal Pietro Parolin of Italy, considered a candidate for the next pope, jumped over 2000% in price just minutes after the announcement of Pope Francis' death on the 21st. Meme coins themed around other cardinals in the running for the next pope, such as Cardinal Luis Antonio Tagle of the Philippines and Cardinal Peter Kodwo Appiah Turkson of Ghana, showed similar movements.
Trading coins over the election of the next pope before Pope Francis' funeral is subject to criticism but is not new.
Betting is also underway on the election of the pope on the betting site Polymarket, which accurately predicted the results of the US presidential election last year. With $6.61 million (about 9.5 billion won) bet on 'who will be the next pope', Cardinal Parolin (29%), Cardinal Tagle (23.1%), Archbishop Matteo Maria Zuppi of Bologna, Italy (12.2%), and Cardinal Turkson (8.1%) are in order.
Yisongryeol, Hankyung.com reporter yisr0203@hankyung.com
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