We collect cookies to analyze our website traffic and performance; we never collect any personal data.Cookies Policy
Accept
Michigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
Reading: Enron abandons ‘performance art’ and simply dumps a memecoin
Share
Font ResizerAa
Michigan PostMichigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
© 2024 | The Michigan Post | All Rights Reserved.
Michigan Post > Blog > Crypto & Web 3 > Enron abandons ‘performance art’ and simply dumps a memecoin
Crypto & Web 3

Enron abandons ‘performance art’ and simply dumps a memecoin

By Editorial Board Published February 5, 2025 4 Min Read
Share
Enron abandons ‘performance art’ and simply dumps a memecoin

The efficiency artists behind Birds Aren’t Actual have taken a darkish flip of their elaborate new venture, a resuscitation of Enron.

The Connor Gaydos-led group bought the trademark and area title from the fraudulent Nineties-era firm, however fairly than commenting on it artistically, it seems to be to be perpetuating its accounting scandal.

On Tuesday, the group introduced an actual memecoin on the Solana blockchain with the ticker image ENRON. Enron tweeted it to over 48,000 followers, incomes hundreds of thousands of impressions.

The coin instantly pumped after which dumped minutes later. Certainly, inside seven minutes, its market capitalization had hit $700 million however only one hour later, it had dumped 64%.

It continued to float even decrease and by midnight New York time on the day of its debut, it had fallen 76% from its excessive.

Inside seven minutes, the coin’s market cap had hit $700 million. One hour later, it had dumped 64%.

‘We are not doing a coin’

Investigative journalist Coffeezilla instantly referred to as Gaydos out for disclaiming any affiliation with a crypto asset — after which providing a crypto asset.

“Wanted to clarify, we are not doing a coin, and all coins on the market are unaffiliated with us,” Enron as soon as informed Coffeezilla. A couple of weeks later, it has a complete webpage devoted to the providing.

ENRON launched on the Solana blockchain. Two refined merchants who Gaydos claims are usually not affiliated with Enron have already made $4 million and $5 million in revenue.

Enron 2.0: Worse than 1.0

The true Enron collapsed to $0 in October 2001 after years of unlawful accounting misstatements. John J. Ray III took over the chapter.

Ray III later gained title recognition within the crypto business for his dealing with of the FTX chapter property.

Enron’s X account responded to criticism a couple of meager, seven-day lockup for the founders’ cash. It says it can lengthen that lockup to 6 months, adopted by a 12-month linear vest.

Not that this significantly helped enhance ENRON’s tokenomics. Ninety p.c of its provide is reserved for insiders and companions — 30% for the inspiration, 20% for traders, and 40% for Enron’s treasury and group.

Though Gaydos initially appeared all in favour of efficiency artwork with Enron’s model — for instance, teasing a miniaturized nuclear reactor for owners that was a transparent nod to Enron’s former vitality enterprise that spiked family utilities — his newest act has no artwork.

The memecoin seems to be to be a direct cash seize that crashed 75% in a day.

In keeping with Coffeezilla, who has spoken with Gaydos, the ENRON memecoin is a useless and really critical rip-off. Victims have already misplaced hundreds of thousands of {dollars} from it.

TAGGED:abandonsArtdumpsEnronmemecoinperformance
Share This Article
Facebook Twitter Email Copy Link Print

HOT NEWS

Jackets laced with water pipes and good bottles – the tech options to the heatwave

Jackets laced with water pipes and good bottles – the tech options to the heatwave

Tech / Science
July 7, 2025
Commentary: Dodgers should aggressively pursue pitchers earlier than the commerce deadline

Commentary: Dodgers should aggressively pursue pitchers earlier than the commerce deadline

The Dodgers are relying on Max Muncy to be prepared to provide in October.As they…

July 7, 2025
Welsh independence will unleash ‘full potential’ as nationalists critical contenders to type subsequent authorities 

Welsh independence will unleash ‘full potential’ as nationalists critical contenders to type subsequent authorities 

Wales ought to "learn" from the SNP's successes in Scotland, in keeping with the person…

July 7, 2025
Polymarket’s M Zelenskyy go well with wager might be determined at present

Polymarket’s $58M Zelenskyy go well with wager might be determined at present

Polymarket’s controversial Volodymyr Zelenskyy go well with market is now up for its ultimate evaluate…

July 7, 2025
May Bitcoin Change The Greenback? | Economics

May Bitcoin Change The Greenback? | Economics

Individuals proceed to ask if Bitcoin will substitute the greenback. They imagine that the current…

July 7, 2025

YOU MAY ALSO LIKE

ZKasino rug pull suspect arrested in United Arab Emirates

Police within the United Arab Emirates (UAE) have arrested a 21-year-old crypto founder they are saying is related to the…

Crypto & Web 3
July 7, 2025

Is MicroStrategy the bitcoin financial institution Hal Finney dreamed of?

When bitcoin (BTC) was at $0.30, Hal Finney wrote in December 2010, “there is a very good reason for bitcoin-backed…

Crypto & Web 3
July 7, 2025

Hyperliquid degen James Wynn FUDs Binance

Hyperliquid gambler James Wynn claimed that Binance hasn’t posted its proof-of-reserves, implying the change was placing it off, earlier than…

Crypto & Web 3
July 6, 2025

FTX Restoration Belief might withhold property from collectors in 49 restricted nations

FTX Restoration Belief needs to place collectively a crew of consultants to assist it decide if it will likely be…

Crypto & Web 3
July 6, 2025

Welcome to Michigan Post, an esteemed publication of the Enspirers News Group. As a beacon of excellence in journalism, Michigan Post is committed to delivering unfiltered and comprehensive news coverage on World News, Politics, Business, Tech, and beyond.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 | The Michigan Post | All Rights Reserved

Welcome Back!

Sign in to your account

Lost your password?