From the FBI raid on the founder of Polymarket to the death of Peanut, PolitiFi-like MEME coins are being hyped up

Author: Nancy, PANews

After the U.S. presidential election, Shayne Coplan, the founder of the Polymarket platform that accurately predicted the election results, was suddenly raided by the FBI, an act that has been described as "political retaliation" and received support from Musk. Meanwhile, the investigation into Polymarket has sparked strong reactions in the crypto community, and the related MEME coin Free Shayne Coplan (Eagle) has also garnered significant funding.

After the FBI Raid, Shayne Gains Support from Musk and Others, Eagle-Themed MEME Coin Goes Viral

The prediction market platform Polymarket played an important role in this year's U.S. election predictions, not only attracting substantial funding but also accurately forecasting the election results, which is considered superior to traditional polls.

However, according to Bloomberg, insiders revealed that Polymarket is under investigation by the U.S. Department of Justice for allegedly allowing U.S. users to place bets on the platform. The FBI issued a search warrant for Polymarket CEO Shayne Coplan, searching not only his residence in New York but also seizing his phone and electronic devices.

It is reported that in 2022, Polymarket reached an enforcement agreement with the Commodity Futures Trading Commission (CFTC), agreeing to prevent U.S. traders from trading on the platform and paying a $1.4 million fine to settle.

After the FBI raid, Shayne Coplan responded on Twitter after receiving a new phone, stating, "It is frustrating that the current government would make a last-ditch effort at the last moment to pursue companies they believe are associated with political opponents. We remain steadfast in our commitment to maintaining a nonpartisan stance, and we still do today, but the current government should engage in some self-reflection and recognize that taking a more supportive stance towards businesses and startups may be key to changing election outcomes. Polymarket has provided value to tens of millions of people during this election cycle without causing harm to anyone. We are proud of that. I can proudly say that the future of America, especially for American entrepreneurs, has never been brighter. In the face of adversity, we will continue to build."

Coplan's remarks received widespread support from the crypto community, questioning and criticizing the actions of U.S. regulators, while Musk's public endorsement further heightened the attention on the incident.

Meanwhile, the MEME coin "Free Shayne Coplan," born out of the Polymarket incident, has also sparked a market frenzy. According to DEX Screener data, as of the time of writing, Free Shayne Coplan's market cap soared to nearly $47 million just hours after its launch, peaking at over 1840 times its initial value.

It is worth mentioning that the icon of Free Shayne Coplan, the eagle, not only represents Shayne Coplan's likeness but also symbolizes the United States, in a sense representing supreme authority.

Musk Speaks Again on the Peanut Incident, MEME Coin Pnut's Market Cap Soars

The investigation into Polymarket bears a striking resemblance to the recent controversy surrounding the death of the internet-famous squirrel Peanut.

PANews previously reported that officials from the New York State Department of Environmental Conservation (DEC) arrested Peanut without a search warrant, and the squirrel was euthanized after biting an investigator. This incident garnered widespread attention and received multiple endorsements from Musk, quickly evolving into a political movement in the U.S.

In recent days, after Trump announced he would lead the U.S. Department of Efficiency (abbreviated as DOGE), Musk again used the Peanut incident to mock the current state of the U.S. government.

On November 13, Musk responded to a user's question about "the necessity of the U.S. government's efficiency department," stating, "America is saved by a squirrel and MEME coins." He later responded to a post about useless government expenditures with a "peanut" meme. On November 14, Musk again responded to a user saying, "They senselessly killed Peanut," stating, "Yes."

Musk's comments intensified the political drama, and as the incident developed, the market sentiment around the MEME coin Pnut surged, with its market cap skyrocketing to over $2 billion within just half a month of its launch.

Whether it is the investigation into Polymarket or the euthanasia of Peanut, both have evolved into a public protest against issues such as regulation, free will, and political motives. The hype surrounding MEME coins like Free Shayne Coplan and Pnut further proves that the crypto market is increasingly becoming a tool for protest and reform in the U.S.