A quarter of the crypto whale's wallet is now made up of shiba inu coin, with metaverse tokens making up another big chunk.
"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."
Driven by DeFi traders, Terra's cryptocurrency has rallied 12,000% in a year, according to CoinGecko data.
Some who donated to the DAO are opting to avoid transaction fees and hanging onto their People tokens.
Close to $200 million was stolen from crypto wallets from the BitMart exchange using a stolen private key.
Dogecoin is the most-googled crypto in 23 states, including Florida, Illinois and Michigan, according to financial advisor The Advisor Coach.
"We have a lot more meme coins. But guess what? For something to be valuable, you only need one other person to want to buy it," Changpeng Zhao said.
"Anyone leaving a bitcoin sell order at $69,501 this week probably doesn't know what they are doing," said Spectra Markets' Brent Donnelly.
Holders of the token can play online games to earn more tokens. Developers promise there are no "deadly consequences."
AMC said earlier that it would accept other cryptocurrencies including bitcoin as payment by year-end.
About 41% of shiba inu's total supply is burned - meaning those coins are not in circulation anymore.
Heavy metal cubes, dog-inspired coins, apes, and marijuana references have joined the world of finance.
In addition to being the top meme coin, shiba inu is now the eighth-largest cryptocurrency by market capitalization, according to CoinMarketCap.