TLDR:
- Milestone: Digital Oil Memecoin ($OIL), contract address 5LS3ips7jWxfuVHzoMzKzp3cCwjH9zmrtYXmYBVGpump, reached an all-time high (ATH) market capitalization of $4 million and trading volume of $8.7 million as of June 23, 202.
- Narrative: According to a tweet by Peter Schiff, a well-known anti-crypto economist, ironically suggesting “digital oil” would be simpler to manufacture than real oil, $OIL brings the quote to be transformed into a widely embraced meme coin, despite Schiff being anti-cryptocurrency.
Digital Oil Memecoin ($OIL), with contract address 5LS3ips7jWxfuVHzoMzKzp3cCwjH9zmrtYXmYBVGpump, has burst into crypto fame with an all-time high (ATH) market cap of $4 million and a trading volume of $8.7 million as of June 23, 2025. The rally is even more remarkable given its origins in a tweet by Peter Schiff, a famous economist and fervent critic of cryptocurrencies, who unwittingly inspired the token’s creation with a comment about the simplicity of creating “digital oil.”
See more details of $OIL on MevX!
The genesis of $OIL came about with Schiff’s 23 January 2023 tweet, in which he explained the conflicting requests of then-President Donald Trump on oil prices: “Trump requested OPEC to lower the price of oil, but he requested U.S. oil producers to produce more. Those are conflicting requests. For exploration and production investments in our domestic reserves to be profitable, oil prices need to be higher.” One user’s response, @Joshisdead01, was, “Oil memecoin should be made, wdyt?” To which Schiff responded, “Good idea. Digital oil is much easier to produce than real oil.” This exchange, in a screenshot being posted on X, was the genesis of $OIL’s creation on Solana.
The irony of Schiff’s endorsement is not going unnoticed by the crypto community, given his extended background of opposition to digital currencies. Schiff has continually asserted that cryptocurrencies are worthless and speculative bubbles, often unfavorably contrasting them with conventional assets like gold. His statement, then, was likely sarcastic in nature, but the meme coin community caught an opportunity, creating $OIL as a tongue-in-cheek response to his incredulity. The token boasts a cartoon oil barrel mascot, often with a mischievous grin or spilling digital “crude” in the guise of 1s and 0s, for example, in community-shared images on X.
The timing, following recent Bitcoin volatility following U.S. attacks on Iran and oil price anxiety, makes $OIL a special response to the sell-off, a crypto twist on a tangible asset.
Read more meme coin narratives on the MevX Blog!
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