TL;DR: Only hours after a rumored buyout by leading cryptocurrency exchange Binance for $400 million, price aggregator CoinMarketCap (CMC) posted an April Fools’ joke. Toilet Paper Token (TPT) debuted atop the list, presumably as a nod to the particularly American panic-buying obsession during the coronavirus pandemic.
CoinMarketCap Pulls April Fool’s Joke
Not long after The Block claimed Binance was to acquire CoinMarketCap, the popular crypto price site made a funny. It placed its faux Toilet Paper Token ahead of all other coins, and went so far as to give it a price and detailed analysis filled with puns. There’s even a history of toilet paper as a concept.
“Although modern industrialization has been able to successfully produce toilet paper for decades,” CoinMarketCap smiled, “the alarms sounded by the COVID-19 pandemic have made toilet paper a commodity of extremely high demand — so high, in fact, that it was out of stock in stores worldwide and caused societal unrest among customers.”
The rest of the post ticks all the right boxes: weird hoarding strategies sure to breed artificial scarcity (super familiar to crypto enthusiasts who’ve read such theories for years), an Airplop campaign, and, of course, TPT Initial Scattering Offering with a Market Crap.
On a more serious note, however, Binance supposed overtaking CMC proposes interesting times ahead for the broader market. In legacy terms, when there is an economic downturn, or even the expectation of such, mergers and acquisitions take on new significance and urgency. The world’s largest exchange owning the most popular price quote and analysis site does give those concerned with centralization pause. Neither Binance nor CMC have confirmed or denied the deal. The only hint to its validity has been a tweet by the Binance CEO, claiming his account was flooded with CMC mentions.
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