The latest drop in cryptocurrency prices has triggered a meme fest on social media. Polymarket, the world’s largest cryptocurrency prediction market, has taken the internet by storm after it joked that there has been a record surge in McDonald’s job applications from “desperate” traders.
“JUST IN: McDonald's sees record surge in job applicants, as crypto market continues free-fall,” the American cryptocurrency prediction market said in a satirical post on X on Monday. In just hours, the post went viral, sparking a meme fest.
The meme storm followed as leading cryptocurrency Bitcoin plunged over 25% to nearly $95,000 in value compared to its Oct. 6 peak of $1,26,000. On Friday, the cryptocurrency dropped to its lowest level in six months as investors retreated from riskier and more speculative trades.
Fresh concerns have emerged over lowered expectations for a December interest-rate cut by the US Federal Reserve, while signs point to a slowdown in the US economy. Polymarket’s satirical post struck a chord with users, leading to satirical comments on the risks associated with crypto investments. Many users joked that they had also “submitted” their application to the popular fast food delivery chain.
“Don’t worry, crypto bros, you can always make it! Trump worked at McDonald’s and now he’s the president!” a user joked, sharing Donald Trump’s pictures of working at McDonald’s during his presidential campaign.
Many users joked about growing speculation in cryptocurrencies, as traders hope to capitalize on a meteoric rise. One meme read, “I don’t need a job, Bitcoin is going to a million dollars.”
There are roughly 20 million Bitcoins in circulation, with a maximum supply of 21 million. Bitcoin, valued at around $1,000 in 2013, touched its peak at $1,26,000 last month before plummeting. This suggests a meteoric 12,500% surge in just over a decade. According to CoinMarketCap, the Bitcoin price currently stands at $95,597.68 per unit.
Due to past trends, many investors are pinning hope on cryptocurrency as the next major investment opportunity. However, its latest “free fall” trend has sparked concerns around the sustainability of such investments. “There's a reason the uniform is red, every dump they get new employees,” another user joked.
Ether, the second-largest cryptocurrency, also ended flat on Friday at $3,175.22, after dropping to a 10-day low. Currently, Ether is trading at $3,199.35 apiece, as per CoinMarketCap. Since its peak on Oct. 7, the crypto market has fallen by more than $1 trillion, or 24%, in value, according to Reuters.
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