Enron IP Owner Launches Predatory Memecoin

Less than a month after the launch of TRUMP, crime is back on the menu. A group of performance artists has turned one of America’s top energy companies into a long-form joke that has culminated in a memecoin launch.

Enron, once named “America’s Most Innovative Company” by Forbes, declared bankruptcy in 2001 before being purchased by satirical performance artist Connor Gaydos in 2021.

Gaydos is also known for his role in the “Birds Aren’t Real” movement, a satirical cultural movement that jokingly alleges all birds are secretly government spies. The movement gained a cult following due to its absurdity.

Today, Gaydos posted on the official Enron X account that the company would launch its very own token, ENRON. It is believed that the ENRON token involved an insider presale months prior to its launch, and the memecoin boasts rather predatory tokenomics.

The video accompanying the launch featured a satirical generic advertisement with Gaydos describing his “vision” for Enron where he said, “We’ve got big plans, and $ENRON will be the fuel that powers this journey.”

ENRON’s tokenomics allocate 20% to investors, who are likely presale participants that are vested for just 7 days, with a 180-day linear unlock.The Enron Treasury and Team are vested for 6 months with a 180-day linear unlock of 40%.

ENRON commenced trading at a $500 million valuation before surging as high as $900 million within minutes of its launch.

However, the market has quickly caught on to the launch tactics, and the token is now changing hands at a $250 million valuation, a 70% drop from the peak in just 30 minutes.