Justin Sun and Vitalik Buterin Get on the WETH “Shitpost” Wagon

• Joining in on the fun, Justin Sun and Vitalik aim to raise $2 billion for WETH.
• Twitter influencers joke around WETH being deppeged and insolvent from ETH.
• Ultimately this led to the ETH price dropping 4% since some users took it seriously.

Crypto influencers started a joke about wrapped Ethereum (WETH) losing its peg and becoming insolvent over the weekend, causing a brief panic within the community. At the same time, Tron founder Justin Sun joked that he and Buterin would invest $2 billion into WEF to recover lost funds.

As a recap, blockchain contributor Cygaar was one of the pioneers to kickstart the joke by tweeting that  WETH was about to become insolvent and that they would bail out everyone for the rate of 0.5 ETH for one WETH. And the crypto community was shaken. But some influencers joined in on the fun.

However, a day earlier, Cygaar also tweeted that WETH will never become insolvent and that WETH will always be exchangeable 1:1 with ETH.

Ethereum advocates from other popular platforms also joined in on the joke. According to crypto advisor Sassano; “a person I have known for more than ten years, who I consider trustworthy, is convinced that WETH will depeg and experience a total collapse.”. Therefore, he urged anyone who has been exposed to be vigilant.

On the other hand, Gnosis founder Martin Köppelmann joked that WETH lacks backing because it is constantly burning ETH, which could lead to a bank run.

Ethereum co-founder Vitalik Buterin joined in the joke as well, saying WETH and WEF sounded similar.

The WETH joke managed to cause major fear, uncertainty, and doubt. While the crypto community joked about the WETH peg, Ethereum’s price fell by over 4% during the weekend.

In the meantime, they quickly clarified that they were joking, saying that WETH was still as strong as ever.