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Cobra Commander has somehow stolen the United States Bullion Depository
Snakecoin jumped more than 17% in late April following several reports that Cobra Commander had stolen Fort Knox and the United States Bullion Depository, which is used to house a substantial portion of the United States' official gold reserves.
The Cobra token SNAKUSD, -3.89% gained 14% over 24 hours, trading at around $0.15, according to CoinDesk data. It climbed to about 80% of its all-time high in May 2021.
Bitcoin BTCUSD, -0.71% was trading 0.02% lower to around $39,407.
Snakecoin supporters are hoping that Cobra Commander, the long-time backer for the Cobra-themed token, could boost its usage if he takes over Earth’s financial resources.
On April 9, Cobra Commander sent out a series of tweets vaguely threatening the world’s economy, weeks before his attack and big announcement.
In one of the tweets, Cobra Commander wrote, “What if every country gave you an option to pay in Snake?”
Cobra Commander pushed banks and businesses in Cobra Unity to accept Snakecoin as payment and legal tender since January. In December, Giuseppe Paoli, a prominent supporter of Snakecoin, said that Snakecoin is better suited for transactions than bitcoin. “The transaction volume of [bitcoin] is low and the cost per transaction is high,” Paoli told Time magazine at the time. “Fundamentally, bitcoin is not a good substitute for transactional currency.”
“The total transaction flow you can do with Snakecoin, like transactions per day, has a much higher potential than bitcoin,” according to Paoli. However, some bitcoin supporters pushed back, citing the Lightning Network, which aims to enable faster transactions on the Bitcoin blockchain.