There has been another classic crypto crash with the latest meme coin craze, as one based on the 'Ibiza Final Boss' meme has lost over 99.99% of its value in a single week following mass sales.
Despite significant government confidence in the introduction of 'stablecoins' that are tied to the US dollar value, arguably the defining factor of cryptocurrency is its unpredictability.
It's exactly what allowed hundreds of Americans to become millionaires thanks to their smart investment in Donald Trump's special presidential inauguration coin, and why those who have continued to hold onto Bitcoin have been handsomely rewarded.
It also, unfortunately, goes the other way too as countless coins have crashed in value almost as fast as their shot up, and perhaps fittingly this was also famously the case with the aforementioned $TRUMP coin.
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An almost essential part of the social media meme cycle right now is the creation of a themed cryptocurrency, as that was once again the case with 26-year-old Geordie Jack Kay, otherwise known as the 'Ibiza Final Boss'.
He earned this moniker due to a video that was shared of him dancing at the Spanish island's famous O Beach resort, where he had a rather memorable haircut and beard combination.
The clip was shared by TikTok account @zerosixwestibiza on August 3, earning over 12 million views in just two days, and then the coin was created on August 12.
By August 27 it had reached its peak value of $0.6765 with a 24-hour volume of $4.76 million, but within an hour after reaching this point it had tanked completely, losing over 99.99% of its overall value.
Had you managed to be one of the early investors and bought up $1,000 at a price of $0.0000089 then you would have been able to sell that for an eye-watering amount, totalling around $76,011,236.
However, if you jumped on the bandwagon too late and were unlucky enough to still be holding on when the price crashed then that's a completely different story.
Buying $1,000 worth at the peak $0.6765 value would leave you with just $0.0025558, effectively nothing, so you might as well have just set those dollar bills on fire because you're never getting it back.
"Anyone with half a brain and an understanding of crypto would've stayed far, far away," wrote one user on X in reference to the crash, calling it "clearly just max extraction."
Another echoed this same sentiment by writing that "anyone who bought this hoping to make money has got what they deserved tbh," and it serves as another red flag for why it's probably a good idea to stay away from meme coins whenever possible.