Inside The Wild Money Machine Fueling Crypto’s Stupidest Bubble
Most in traditional finance have long considered cryptocurrency a joke. Now legions of young meme coin traders are leaning into the absurdity, translating their financial nihilism into a booming—if perilous—$100 billion market.
By Nina Bambysheva with Steven Ehrlich, Forbes Staff
“We’re going to Miami! We’re gonna have a Lambo!” Oliver Szmul, a 16-year-old college student from London, could hardly contain himself, his voice cracking with excitement. It was mid-May, and he had just watched a cryptocurrency called Jail Cat that he and his friends whipped up in a burst of inspiration a couple of weeks prior soar to a $1.9 million valuation almost overnight. A day later, the cat-themed token, featuring the image of a tabby in a…
