<ul class="summary-list"><li>Rep. Brad Sherman joked about a hypothetical <keyword id="12704252" type="UNKNOWN" weightage="60" keywordseo="mongoose-coin" source="Orion">mongoose coin</keyword> upending the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> world. </li><li>His jab spurred several versions of a mongoose coin trading on various platforms.</li></ul>The <a href="https://markets.businessinsider.com/news/currencies/texas-congressman-crypto-exchanges-coinbase-ftx-babe-ruth-2021-12">Congressional hearing on crypto</a> spurred a new meme cryptocurrency: mongoose coin.On Wednesday, the <keyword id="12314145" type="UNKNOWN" weightage="60" keywordseo="house-financial-services-committee" source="Orion">House Financial Services Committee</keyword> questioned six crypto leaders about the benefits and challenges of digital assets. FTX Chief Executive Officer Sam Bankman-Fried and Coinbase CEO Alesia Jeanne Haas testified at the hearing, along with the heads of Bitfury, Circle, Paxos Trust Company, and Stellar Development Foundation.<a href="https://www.youtube.com/watch?v=h3o2ATETwBY">In his line of questions</a>, Rep. Brad Sherman, a California democrat, said <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> themselves are the No. 1 threat to crypto. "Bitcoin could be replaced by ether which could be replaced by doge," he said. That, he said, "could be replaced by hamster coin and then there's cobra coin.""What could mongoose coin do to crypto coin?" He joked. A Mongoose — an African animal that can get as long as 2 feet — is known for living in burrows and eating other animals, including cobra snakes.Following his remarks, several mongoose coins started trading on platforms including Polygon, Avalanche, and Binance Smart Chain. <a href="https://decrypt.co/87904/congressional-hearing-spawns-mob-mongoose-based-meme-coins">Decrypt</a> and <a href="https://mashable.com/article/mongoose-coin-cryptocurrency-congressional-hearing">Mashable</a> first reported the news. On <a href="https://polygonscan.com/token/0xc3e35245040375c5939c0139b18c588d75cb5873">Polygon</a> and <a href="https://coinalpha.app/new-born/0xfa4edd8afdd538c4a7aed5c9f44777c99d021383">Binance Smart Chain</a>, the supply was approximately "69,420,000," a popular meme finance number. Some of the coins saw a price surge before dropping back down. Mongoose coin follows a long line of meme tokens. Likely the most well-known meme coin, boosted by Tesla CEO Elon Musk, is dogecoin. Following dogecoin came shiba inu coin. Some, like Squid Game coin based on the Netflix hit show, have been scams."Will mongoose coin always have a value?" Sherman said at the hearing. "I don't know. I just made it up. It's a joke. Although I said that about hamster coin, and then I found out there really was a hamster coin. It's not fair to compare fiat currencies' current system to what cryptocurrencies aspire to be."

A California democrat's joke during Wednesday's crypto hearing has spurred the creation of 'mongoose coin'

Welcome to <keyword id="11937554" type="UNKNOWN" weightage="60" keywordseo="10-things" source="Orion">10 Things</keyword> Before the Opening Bell.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go – <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's jump in. <hr />1. Consumer Price Index data for November is due this morning. Last month's figures showed <a href="https://www.businessinsider.com/inflation-cpi-october-price-growth-index-supply-chain-crisis-recovery-2021-11">inflation in October climbed at the highest rate in 30 years </a>. Traders and investors are eagerly awaiting today's CPI release and will be assessing its potential impact on Federal Reserve policy going into 2022.Inflation data is coming on the heels of yesterday's jobless claims numbers, which slid to 184,000 last week. <a href="https://www.businessinsider.com/weekly-jobless-claims-184000-labor-market-recovery-unemployment-benefits-filings-2021-12">That marks the lowest level since 1969</a>, beating out the previous low from two weeks ago. This signals a continued improvement in the labor market and the overall economy, with <a href="https://www.businessinsider.com/potential-reasons-explain-labor-shortage-open-jobs-not-enough-workers-2021-12#health-concerns-and-vaccine-hesitancies-linger-as-the-pandemic-continues-5">employment numbers</a> inching back toward pre-pandemic levels.Here's are some key numbers as this week's economic data continues to roll in:<ul><li>Inflation in October hit a a multi-decade high on a year-over-year basis, increasing 6.2% compared with the same period in 2020 </li><li>Continuing jobless claims, which count Americans continuously receiving unemployment benefits, rose to 1.99 million</li><li>The unemployment rate dropped to 4.2% from 4.6%, but labor force participation remained below pre-pandemic levels</li></ul><hr />2. US stocks have taken an upbeat tone in the countdown to CPI. Investors are bracing for the highest print in 40 years, and the prospect of its boost to the dollar has dragged on bitcoin. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-inflation-fed-taper-cryptocurrencies-commodities-high-2021-12">Here are the latest moves on the market</a>.3. AMC CEO Adam Aron's embrace of Reddit traders helped save the theatre chain. Aron detailed his unique approach to courting the often rowdy crowd of retail investors. <a href="https://www.businessinsider.com/amc-adam-aron-won-retail-reddit-investors-saved-the-company-2021-12">Here's how his strategy helped AMC stock skyrocket more than 1,500% this year.</a>4. On the docket: Johnson Outdoors, Wall Financial, and Enigmo, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>5. Cathie Wood said bitcoin could surge by another $500,000. Institutional investors are looking for uncorrelated assets, Wood explained — <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-550000-institutional-allocations-cathie-wood-ark-2021-12">and crypto fits the bill</a>. 6. A California democrat's joke during Wednesday's crypto hearing spurred the creation of a new meme coin. "Will mongoose coin always have a value?" Sherman said at the hearing. "<a href="https://markets.businessinsider.com/news/currencies/crypto-mongoose-coin-democrat-congressional-hearing-cryptocurrency-2021-12">I don't know. I just made it up. It's a joke.</a>"7. Rating agency Fitch said China's Evergrande is in default. Two subsidiaries of the Chinese property developer missed a coupon payment due this week, and <a href="https://markets.businessinsider.com/news/bonds/evergrande-default-fitch-rating-cut-china-junk-territory-overseas-bonds-2021-12">Fitch cut its creditworthiness even further into "junk" territory.</a>8. Lumber prices spike above $1,000 for the first time since mid-June. The hot housing market is driving renewed demand after a summer lull — <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-above-1000-first-time-since-june-housing-commodities-2021-12">and the commodity is up 127% from its recent low.</a>9. JPMorgan Asset Management shared its 2022 investing outlook exclusively with Insider. For the firm, rich US valuations and inflation aren't worth worrying about. <a href="https://www.businessinsider.com/stocks-inflation-investing-strategy-tips-outlook-2022-jpmorgan-valuation-sectors-2021-12">Focus instead on these four stock sectors that JPMorgan is most bullish on.</a>10. The "Wolf of All Streets" said it's possible bitcoin could drop to $28,000 before scaling to new all-time highs. Alternatively, he said bitcoin could hover in its current trading range for months. <a href="https://www.businessinsider.com/metaverse-tokens-crypto-bitcoin-investing-outlook-wolf-of-all-streets-2021-12">The crypto podcaster also shared four metaverse tokens he's betting on right now.</a><hr />Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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A California democrat's joke during Wednesday's crypto hearing has spurred the creation of 'mongoose coin'

Natasha Dailey

10 things before the opening bell

Phil Rosen