- Harry Bolz-inspired memecoins tanked after Musk re-changed his X profile identify
- This isn’t the primary time crypto degens have profited from Musk’s identify modifications
A number of memecoins impressed by Elon Musk’s current X profile identify, Harry Bolz, declined after he eliminated the username.
In reality, one of the vital liquid HARRYBOLZ tokens was created simply 5 days in the past. On the time of writing, it was down 57% within the final 24 hours.
One other related token, created a day in the past, was down almost 100% at press time. All these have been tokens created on Solana and traded by way of Raydium DEX.
Curiously, probably the most liquid of the memecoins rallied by almost 15000% on Tuesday, earlier than tanking on the charts.
Supply: HARRYBOLZ/USDT, TradingView
Different tokens bearing the identify on BNB Chain initially pumped by +300% and +5M%. Nevertheless, they have been steeply declining at press time.
Elon Musk’s memecoin performs
For these unfamiliar, this isn’t the primary time crypto degens have jumped on Musk’s profile change for revenue or extractive actions. His current profile identify change was a play with ‘Bolz, ‘ seemingly referring to the ‘Massive Ballz’, a nickname for considered one of his DOGE workers who went viral final week.
The ‘Harry Bolz’ username was a traditional, satirical transfer that Musk used to focus on the alleged decide who blocked current DOGE and President Trump’s efforts to trim federal waste.
In early January, he adopted one other mysterious profile identify, ‘Kekius Maximus.’ This was one other playful username tied to Gladiator’s lead character ‘Maximus Decimus Meridius.’
In every case, memecoin speculators have been at all times fast to create a token just like the brand new Musk profile identify and mint hundreds of thousands.
Sadly, it at all times ends the identical method for these sorts of memecoins. They dump by almost 100% in lower than 24 hours after their creation as early merchants ebook earnings. And the latecomers to the craze at all times endure probably the most.
Benjamin Njiri
