Almost a 12 months after Theresa May had succeeded David Cameron as the UK Prime Minister, a cryptocurrency named for her was launched. But greater than two years after it got here into existence, the Theresa May Coin appears to have reached the finish of the highway as the PM nears the sundown of her reign. Like the Prime Minister, the mineable cryptocurrency held a lot promise however has delivered little and is now on its deathbed.
Currently, the Theresa May Coin has a market capitalization of underneath $19,000 down from a peak market cap of $476,402 recorded on January 16 final 12 months. At the time, one MAY was valued at $0.0171 however has since fallen to $0.000187, a depreciation fee of a whopping 98.91 p.c.
Unfortunately for holders of the MAY bag, there are solely two exchanges on which to eliminate their holdings. This signifies that not like the Prime Minister who all the time had aides catering to her each demand (watch the video under), they could have to maintain on to them ceaselessly as market exercise is severely restricted.
Fair play to Theresa May getting that very massive bloke to carry her purse. pic.twitter.com/GQUhIWoBWr
— Jim Waterson (@jimwaterson) February 3, 2017
Was Theresa May Coin jinxed from the begin?
Since the crypto market hit a report excessive in late 2017, nearly all cryptocurrencies retreated from their all-time highs, some to a higher extent than others. To put it bluntly, the MAY coin is a textbook instance of a ‘bag’.
Could its disastrous efficiency have something to do with the departing Prime Minister that it’s named for? Who is aware of, nevertheless it is not misplaced on the superstitious that Theresa May was appointed Prime Minister by Queen Elizabeth II on July 13th. Mrs. May additionally occurs to be the 13th Prime Minister to serve underneath the Queen!
With Theresa May anticipated to formally tender her resignation on July 24th, the subsequent UK Prime Minister will formally take cost shortly after. Barring a shock, the next UK Premier is anticipated to be former Foreign Secretary and ex-London Mayor Boris Johnson.
Will there be a BoJo coin?
The British political life boasts of many traditions and if a brand new cryptocurrency is named in honor of the incoming PM, it maybe may very well be the begin of a brand new ritual, even when it’s just for parody. If Boris Johnson takes the reins the identify BoJo Coin is an apparent alternative. That’s additionally as a result of for the bicycle fanatic Cycling Coin is already taken.
Kenya’s President Kenyatta has simply referred to Boris Johnson, the former overseas secretary, as “the bicycle guy” pic.twitter.com/w2UaVNVWSR
— Harry Yorke (@HarryYorke1) August 30, 2018
Cryptocurrencies have solely been round for a decade however the politically-affiliated ones are already appearing as indicators of the political fortunes of the explicit politician’s identify they bear. Per CoinMarketCap, the return on funding for a Theresa May coin has been -84.71 p.c.
On the different hand, cash named after different politicians in the world who’re unlikely to be unseated any time quickly have all registered constructive ROIs. Putincoin, clearly named for Russian President Vladimir Putin, boasts an ROI of 52.87 p.c.
Trumpcoin has accomplished even higher regardless of the U.S. President exhibiting his disdain for crypto. Since it was launched the coin has recorded an ROI of 1,928.63 p.c.
Now that’s one thing not being tweeted about however needs to be!