In a surprising turn of events, the memecoin Shit Piss Skin Can ($SPSC) surged over 300% after receiving a tweet boost from World Liberty Financial (WLFI), a cryptocurrency company associated with former President Donald Trump. The name of the coin is a nod to a provocative statement made by a crypto influencer back in 2018, asserting that anything—no matter how absurd, like “shit in a can, wrapped in piss, covered in human skin”—could be sold for a staggering sum if the narrative surrounding it is convincing enough.
The tweet from WLFI, which read, “Buying $SPSC because the trenches finally found religion in USD1 memes,” indicates that the company is tapping into a niche market that revels in absurdity. The coin has drawn enthusiasm as it seemingly honors a co-founder of WLFI, prompting the community to rally behind it.
World Liberty Financial was established by Chase Herro and his partner Zachary Folkman, with notable backing from the Trump family, including Eric Trump and Donald Trump Jr. Herro, whose online persona often features the playful spelling of his name as “Hero,” has a controversial background as a former weight loss guru who previously served time for marijuana-related offenses. His colorful rhetoric surrounding cryptocurrency has made waves before, particularly a notorious 2018 YouTube video where he confidently proclaimed, “You can literally sell shit in a can…for a billion dollars if the story’s right.”
Though much of the video is now private, its contents were highlighted in media outlets like MSNBC and the Independent, sparking a renewed interest in both Herro and his new cryptocurrency ventures. The connection to prominent figures like the Trumps was reportedly facilitated through Steve Witkoff, the president’s negotiator on matters of international diplomacy.
Despite the excitement around $SPSC, the broader crypto community has responded with skepticism. Many crypto advocates expressed their concern about WLFI promoting a token with such a provocative name. “WLFI, the Trump crypto project ‘building the future of finance’ just promoted ‘shit piss skin can’ coin,” remarked one crypto influencer on social media, reflecting the discontent regarding the questionable branding strategy. Another commenter criticized the perceived lack of professionalism, saying, “Stop this boring insider trading. You’re insulting WLFI holders too much.”
The promotion comes at a challenging time for the cryptocurrency market. Bitcoin has seen a significant decline, losing 22% of its value this month alone, while many altcoins have followed suit. Michael Saylor’s Strategy, known for its heavy Bitcoin investments, has lost half its value over the last three months, bringing its total market cap below the Bitcoin held in its portfolio.
Investor confidence is waning, especially with the stability of popular stablecoins coming under scrutiny. S&P Global Ratings recently downgraded Tether—the leading stablecoin—to a “weak” rating. Concerns have mounted regarding Tether’s reserves, which are heavily invested in high-risk assets, bringing the transparency of its backing into question.
The Trump family’s financial standing has also seen recent declines, with their net worth reportedly shrinking from $7.7 billion in September to about $6.7 billion now. This downward trend may provide context for the unconventional marketing tactics emerging from World Liberty Financial, reminiscent of the unsettling volatility observed during the crypto crash in 2022.
The current climate reflects warning signs for the cryptocurrency sector, which remains scrutinized and often likened to a speculative gambling platform. Despite such a dramatic rise in the valuation of a coin named after such shock value, the lasting viability of cryptocurrencies continues to be questioned. As mainstream businesses, including notable restaurants, still refuse to accept Bitcoin, the promotion of controversial tokens may signal deeper issues within the industry.
