Author: Nancy, PANews
After the US presidential election, Shayne Coplan, the founder of the Polymarket platform who accurately predicted the election results, was suddenly raided by the FBI. This move was responded to as a "political retaliation" and was supported by Musk. At the same time, the Polymarket investigation caused a strong response in the crypto community, and the related MEME coin Free Shayne Coplan (Eagle) also received a lot of funding.
After the FBI raid, Shayne received support from Musk and others, and the Eagle-themed MEME coin became popular
The prediction market platform Polymarket played an important role in predicting the US election this year. It not only attracted a large amount of financial participation, but also accurately predicted the election results and was considered to be better than traditional polls.
However, according to Bloomberg, people familiar with the matter revealed that Polymarket was investigated by the US Department of Justice for allegedly allowing US users to place bets on the platform. The US Federal Bureau of Investigation (FBI) issued a search warrant for Polymarket CEO Shayne Coplan, not only searching his residence in New York, but also seizing mobile phones and electronic devices.
It is reported that in 2022, Polymarket reached an enforcement agreement with the U.S. Commodity Futures Trading Commission (CFTC). In addition to agreeing to prevent U.S. traders from trading on the platform, it also paid a fine of US$1.4 million to reach a settlement.
After the FBI raid, Shayne Coplan tweeted a response after getting a new phone, “It’s frustrating that the current administration would make a last-ditch effort at the last minute to go after companies they believe are associated with political opponents. We are steadfast in our commitment to nonpartisanship, and that remains the case today, but the current administration should do some self-reflection and realize that taking a more pro-business, pro-startup stance may be the key to changing the outcome of the election. Polymarket has provided value to tens of millions of people in this election cycle without harming anyone. We are deeply proud of this. I am proud to say that the future of America, especially the future of American entrepreneurs, has never been brighter. In the face of difficulties, we will continue to build.”
Coplan's remarks received widespread support from the crypto community and raised questions and criticisms about the actions of U.S. regulators, while Musk's public support further heightened attention to the incident.
At the same time, the MEME coin "Free Shayne Coplan" born out of the Polymarket incident also triggered a market craze. DEX Screener data showed that as of the time of writing, Free Shayne Coplan's market value soared to nearly $47 million a few hours after it went online, a peak increase of more than 1,840 times.
It is worth mentioning that the eagle icon of Free Shayne Coplan is not only Shayne Coplan’s avatar, but also a symbol of the United States, which in a sense represents supreme ruling power.
Musk once again used the Peanut incident to speak out, and the market value of MEME coin Pnut soared
The Polymarket investigation has striking similarities to the recent controversy surrounding the death of Peanut, a popular squirrel in the United States.
PANews previously reported that New York State Department of Environmental Conservation (DEC) officials arrested Peanut without a search warrant. The squirrel was euthanized for biting investigators. The incident attracted widespread attention and received repeated support from Musk, and it quickly evolved into a US political movement.
In the past few days, after Trump announced that he would lead the Department of U.S. Government Efficiency (DOGE), Musk once again used Peanut to satirize the current situation of the U.S. government many times.
On November 13, Musk responded to netizens questioning the necessity of the U.S. government's efficiency department and said: "America was saved by a squirrel and MEME coins." He then responded to a post about the useless spending of the U.S. government with the "Peanut" emoticon again. On November 14, Musk responded to netizens who said "They killed Peanut for no reason" and said, "Yes."
Musk's remarks made the political drama even more intense. As the incident unfolded, market speculation about the MEME coin Pnut was high, and its market value soared by more than US$2 billion in just half a month after its launch.
Whether it is the Polymarket investigation or the euthanasia of Peanut, it has evolved into a public protest against regulation, free will, and political motivations. The popularity of PolitiFi-like MEME coins such as Free Shayne Coplan and Pnut is further proof that the crypto market is increasingly becoming a tool for protest and reform in the United States.
