Following Elon Musk’s alteration of his Twitter profile name to ‘Harry Bolz’, a number of memecoins that drew inspiration from it experienced a decline in value after he reverted the username.
Notably, a highly traded token known as HARRYBOLZ, which was introduced just five days ago, saw a significant drop of 57% within the last 24 hours at the time of this report.
Another token, created a day earlier, witnessed a nearly 100% decrease in value by the time of publication. These tokens were built on Solana and traded through Raydium DEX.
Interestingly, the most traded memecoin surged by nearly 15000% on Tuesday before experiencing a severe downturn.
Several tokens with the ‘Bolz’ reference on the BNB Chain initially skyrocketed by over 300% and 5 million percent but were sharply declining by the time of reporting.
Elon Musk’s Role in Memecoin Trends
For those not familiar with the trend, this isn’t the first instance where cryptocurrency enthusiasts seized on Musk’s profile modifications for speculative purposes or profit. The recent profile name change to ‘Harry Bolz’ was likely a playful nod to ‘Big Ballz’, a moniker for one of his DOGE team members who gained online fame recently.
The ‘Harry Bolz’ username seemed to be a light-hearted and satirical gesture used by Musk to indirectly address the supposed judge who hindered recent DOGE and President Trump’s endeavors to cut federal expenses.
Earlier in January, he embraced another enigmatic profile name, ‘Kekius Maximus’, which seemed to be another whimsical alias inspired by the leading character from the movie ‘Gladiator’, Maximus Decimus Meridius.
On each occasion, those involved in memecoin trading swiftly created tokens mirroring Musk’s latest profile name, hoping to capitalize on the trend and generate significant returns.
Regrettably, the fate of these memecoins tends to follow a similar pattern. They typically plummet by close to 100% within a day of their launch as early investors cash out their gains, leaving latecomers to bear the brunt of the losses.