Following the alteration of his username, Elon Musk, several meme-inspired coins linked to his recent profile name, Harry Bolz, experienced a drop in value.
Remarkably, one of the most traded HARRYBOLZ tokens emerged just five days ago. As of the current moment, it had fallen by 57% within the past 24 hours.
Another token with similarities, established a mere day ago, had plummeted by almost 100% by the time of publication. These tokens were all built on Solana and transacted via Raydium DEX.
Curiously, the most actively traded memecoins surged by close to 15000% on Tuesday, only to crash swiftly thereafter.
Additional tokens carrying the same name on BNB Chain initially saw increases of +300% and +5M%. Nevertheless, they were sharply decreasing at the time of reporting.
Strategic Moves in Memecoin Space by Elon Musk
For those not familiar, this isn’t the first occasion where cryptocurrency enthusiasts have responded to Musk’s profile changes for personal gain or other activities. His recent switch in profile name appears to be associated with ‘Bolz,’ likely referencing ‘Big Ballz,’ a nickname for a DOGE employee that gained popularity last week.
The username ‘Harry Bolz’ seems to have been a humorous, yet pointed move by Musk aimed at the assumed judge who impeded recent DOGE and President Trump’s attempts to reduce federal expenditures.
Back in early January, he adapted another enigmatic username, ‘Kekius Maximus,’ which can be linked to the main character in the movie Gladiator, ‘Maximus Decimus Meridius.’
On every occasion, speculators in memecoins swiftly moved to generate tokens mirroring Musk’s latest profile name, minting substantial amounts in the process.
Regrettably, the outcome is consistently the same for these types of memecoins. Prices drop dramatically, often by nearly 100%, within a day of creation as initial traders cash out their profits. Those joining the trend later inevitably face significant losses.