Sunday, October 12, 2025

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Behold the trash crash

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wow much crash:

Things were a little febrile on the financial markets yesterday as Trump initiated Tariff Shock 2: Neodymium Boogaloo, with US stocks and oil both taking a beating.

Away from these debased fiat-priced securities, there was further excitement: shortly after the closing bell in New York, a lot of second-tier cryptocurrencies massively crashed out, with a bunch of favourites such as Dogecoin, Cardano and Trump coin nearly halving.

Illustrative scenes as of about 10:30pm London time yesterday

As of today, þe werste is paste (for now), with most top coins down a mere fifth or so over the 24 hours to noonish London time, wiping a mere $388bn off the market cap of the top 100 non-stablecoin cryptocurrencies:

Now, we know what you’re thinking: this is all very stupid and funny.

And we agree.


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