A $27 Billion Token Loved by Exiled Billionaire and Steve Bannon

Like so much in cryptocurrencies, there’s a lot to unpack with Himalaya Coin, which has quietly zoomed to an apparent $27 billion valuation in less than two weeks.

For starters, there’s the music video, “Hcoin to the Moon,” featuring exiled Chinese billionaire Wengui Guo smoking a cigar, hanging out on a yacht and driving a red sports car.

The song’s lyrics, most sung in Chinese, describe a bleak world: “Freedom, such a familiar word/But it’s unknowingly getting further and further away from me.” Other verses list the virtues of Himalaya Coin and the related Himalaya Dollar, a ...