Meme Coins Inspired by Elon Musk Continue to Emerge
This week, a new wave of meme coins has emerged, and they are all inspired by the famous Dogecoin fan and Twitter owner, Elon Musk. While not as outrageous as tokens based on the deaths of Bitcoin critic Charlie Munger and controversial diplomat Henry Kissinger, these new meme coins are certainly attention-grabbing.
Musk recently made headlines when he directed profanity towards Disney CEO Bob Iger and other company heads during an interview. This incident led to companies like Disney, Apple, IBM, and Ubisoft pulling their advertisements from Twitter due to concerns about antisemitic content appearing next to their ads.
Despite the reasons given by these companies for withdrawing their advertising spending, Musk publicly criticized them. This outburst has now become the basis for a series of meme coins, which is a continuation of the trend of Musk-themed crypto tokens that often fade away quickly.
GFY Tokens Gain Traction
Several GFY tokens have surfaced on Ethereum, Solana, and BNB Chain networks. Although most of them lack liquidity, the GFY Ethereum token pool on Uniswap has over $600,000 in liquidity. The token itself has a market cap of $7.28 million at a current price of $0.0000107, experiencing a 77% increase in value.
CYBERTRUCK Token Surges
In addition to the GFY tokens, there are numerous meme coins inspired by Tesla’s Cybertruck. The CYBERTRUCK token on BNB Chain has seen a trading volume of around $671,000 in the past day, with its price soaring 125% above $0.09. However, its market cap is only $163,000.
The Volatility of Meme Coins
Meme coins are known for their extreme volatility, often rising and falling based on hype and their association with public figures and recent events. There is a risk of losing money on meme coins, as the creators can sometimes pull out and leave investors empty-handed. These coins are primarily favored by self-described “degen” traders.
Musk’s Influence on Meme Coins
Elon Musk has long fascinated meme coin enthusiasts with his interest in Dogecoin, as his tweets about it have had an impact on the market in the past. This has led to the creation of various tribute coins, such as the recent GROK token based on Twitter’s AI assistant and Floki Inu, a token named after Musk’s dog.
Disclaimer:
The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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