There has been a surge in meme coins linked to Elon Musk following the billionaire’s verbal outburst at X (formerly Twitter) advertisers.
Meme coins have become a breeding ground for eccentric tokens inspired by various personalities and events.
This week, the latest addition to this trend comes in the form of meme coins linked to Musk, who caused a stir when he publicly told Disney CEO Bob Iger and other company heads to “go fuck yourself” during an on-stage interview.
The verbal outburst led to Disney, Apple, IBM, and Ubisoft pulling their advertising from Twitter.
These companies expressed concerns about antisemitic and white nationalist content appearing alongside their ads on the platform, as well as Musk amplifying an antisemitic post and criticizing the Anti-Defamation League, a nonprofit organization focused on combating antisemitic hate.
However, unfazed by the reasons stated by these companies for withdrawing their spending from Twitter, Musk openly criticized them.
The outburst went viral and became the inspiration for a series of meme coins, following the ongoing trend of Musk-themed crypto tokens that often rise to prominence but quickly fade away.
Various “GFY” tokens have emerged across networks such as Ethereum, Solana, and BNB Chain, as reported by GeckoTerminal.
While most of these tokens lack significant liquidity, the GFY Ethereum token pool on Uniswap boasts over $600,000 in liquidity.
With a current price of just $0.0000107, the token holds a market cap of $7.28 million, experiencing a 77% increase in value in a single day.
Similarly, a multitude of meme coins themed around Tesla’s recently released Cybertruck has surfaced, with the largest being deployed on the BNB Chain.
The CYBERTRUCK token has generated approximately $671,000 in trading volume over the past day.
Its price has surged by 125% to surpass $0.09, although it currently maintains a market cap of only $163,000.
Meme coins are notorious for their volatility, often experiencing dramatic rises driven by hype and their association with public figures and recent events.
However, they are also susceptible to sudden crashes. In some cases, the anonymous creators of these tokens engage in “rug pulls,” wherein they exploit investors as a means to exit the market.
Consequently, investing in meme coins comes with substantial risks, attracting primarily self-proclaimed “degen” traders.
Musk has become a prominent figure in the world of cryptocurrency, particularly when it comes to meme coins.
His tweets and public statements have wielded significant influence over the market, often leading to dramatic price fluctuations and capturing the attention of crypto enthusiasts worldwide.
Musk’s connection with meme coins can be traced back to his fondness for Dogecoin, a cryptocurrency originally created as a joke but which gained a devoted following.
The billionaire has previously endorsed Dogecoin in numerous tweets, which has consistently sparked excitement and speculation among traders, resulting in substantial price surges.
His endorsement of the cryptocurrency has even led to the creation of other meme coins inspired by his persona.
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