Enron abandons ‘performance art’ and just dumps a memecoin
The performance artists behind Birds Aren’t Real have taken a dark turn in their elaborate new project, a resuscitation of Enron.
The Connor Gaydos-led team purchased the trademark and domain name from the fraudulent 1990s-era company, but rather than commenting on it artistically, it looks to be perpetuating its accounting scandal.
On Tuesday, the team announced a real memecoin on the Solana blockchain with the ticker symbol ENRON. Enron tweeted it to over 48,000 followers, earning millions of impressions.
The coin immediately pumped and then dumped minutes later. Indeed, within seven minutes, its market capitalization had hit $700 million but just one hour later, it had dumped 64%.
It continued to drift even lower and by midnight New York time on the day of its debut, it had fallen 76% from its high.
‘We are not doing a coin’
Investigative journalist Coffeezilla immediately called Gaydos out for disclaiming any association with a crypto asset — and then offering a crypto asset.
“Wanted to clarify, we are not doing a coin, and all coins on the market are unaffiliated with us,” Enron once told Coffeezilla. A few weeks later, it has an entire webpage dedicated to the offering.
Read more: Former Enron chairman takes over SBF’s bankrupt crypto cartel
ENRON launched on the Solana blockchain. Two sophisticated traders who Gaydos claims are not affiliated with Enron have already made $4 million and $5 million in profit.
Enron 2.0: Worse than 1.0
The real Enron collapsed to $0 in October 2001 after years of illegal accounting misstatements. John J. Ray III took over the bankruptcy.
Ray III later gained name recognition in the crypto industry for his handling of the FTX bankruptcy estate.
Enron’s X account responded to criticism about a meager, seven-day lockup for the founders’ coins. It says it will extend that lockup to six months, followed by a 12-month linear vest.
Not that this particularly helped improve ENRON’s tokenomics. Ninety percent of its supply is reserved for insiders and partners — 30% for the foundation, 20% for investors, and 40% for Enron’s treasury and team.
Although Gaydos initially seemed interested in performance art with Enron’s brand — for example, teasing a miniaturized nuclear reactor for homeowners that was a clear nod to Enron’s former energy business that spiked household utilities — his latest act has no art.
The memecoin looks to be a direct money grab that crashed 75% in a day.
According to Coffeezilla, who has spoken with Gaydos, the ENRON memecoin is a needless and very serious scam. Victims have already lost millions of dollars from it.
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