Tesla CEO Elon Musk changed his Twitter name over the weekend to “Lorde Edge,” in a move that hasn’t yet been explained but is already affecting the cryptocurrency space, as a new meme-inspired cryptocurrency called EDGELON has been launched.
According to a report by Insider, Elon Musk’s move sparked a flurry of speculation as to the reason behind the change, but one wasn’t provided. A meme-inspired cryptocurrency has nevertheless been launched shortly after the change was made and initially pumped over 800%, from $0.000003192 to a high of $0.00002954, before dropping back to $0.00001934 at press time.
An account associated with the newly launched cryptocurrency has revealed on social media it already has over 2,000 Ethereum addresses holding it, with a fully diluted market capitalization above $20.3 million.
Elon Musk is unlikely to be associated with the project. Earlier this year, responding to a user asking whether he held any $FLOKI tokens, Musk said that he only bought BTC, ETH, and DOGE. Tesla itself only invested in the flagship cryptocurrency.
Floki Inu ($FLOKI) is another meme cryptocurrency whose name was inspired by Elon Musk’s dog. It launched a major advertising campaign on London’s public transport system with funds taxed on the cryptocurrency’s buyers.
Throughout London’s public transport system, it inserted adverts with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
On social media Dogecoin ($DOGE) creator Billy Markus pointed out that Elon Musk’s new Twitter name is an anagram for “elder doge,” but noted that the anagram may have not been intentional.
Meme-inspired cryptocurrencies have been surging over the last few months with Shiba Inu ($SHIB) helping a 35-year-old former supermarket warehouse manager who first started researching cryptocurrencies in a bid to “modestly grow the tens of thousands of dollars in savings” make over $1.5 million in crypto.
Digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash