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Shanghai Man: Aping out of gorilla token, digital dollar Biden its time... and more

Published 05/13/2021, 08:05 PM
Updated 05/13/2021, 10:00 PM
Shanghai Man: Aping out of gorilla token, digital dollar Biden its time... and more

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Memecoin culture clash

Feed the gorillas token, or FEG, was a source of drama after memes were posted of Chinese president Xi Jinping. The token claims to use its revenue to take care of gorillas and had been gaining attention among animal-related tokens, amassing a market cap of over $1 billion. Some Chinese community members found the meme offensive, and after not finding support from the team, began to abandon the project. The incident went viral and Chinese CeFi exchanges, including OKEx and Gate responded by delisting the token. The FEG price dropped around 75%, before rebounding slightly on May 13.

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Unbanking the banked

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Latest comments

#feg is going to the moon and very Chinese friendly. No drama.
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