In a congressional hearing in February 2025, Rep. Sean Casten questioned crypto executives about memecoins, derogatorily termed 'fecal coins.' He pointed out their inherent lack of value, linking the $TRUMP memecoin to substantial retail trader losses. Following Casten's remarks, a new memecoin called $FECAL was launched, generating $6 million in trading, reflecting the volatile nature of the crypto market. This incident underscores the risks associated with speculative investments, particularly those connected to reputable figures, amplifying the potential for harm to unsuspecting investors.
It's hard to talk about memecoins with the language that the industry uses to talk about them. We'll refer to them as 'fecal coins' for the purposes of this hearing.
The president of the United States issued something that has no innate value, before going on to talk about how retail traders may have lost billions speculating on the $TRUMP fecal coin.
Less than two hours later, someone had created a memecoin under the ticker symbol $FECAL and started an X account and Telegram group to pump the token.
Its log data reflects the kind of shitcoin pump-and-dump that happens hundreds of times a day, but this one was connected to the words and actions of a congressman.
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