- December 3, 2023
- Posted by: [email protected]
- Category:
Following Elon Musk’s recent verbal outburst directed at X (previously Twitter) advertisers, there has been a boom in meme coins. Meme coins, known for their eccentric nature and inspiration drawn from personalities and events, have become a breeding ground for unique tokens.
This week, the spotlight is on meme coins linked to Musk after his on-stage interview where he publicly told Disney CEO Bob Iger and other executives to “go fuck yourself.” The fallout from this verbal outburst saw Disney, Apple, IBM, and Ubisoft pull their advertising from Twitter, citing concerns about inappropriate content and Musk’s amplification of antisemitic posts.
Unfazed by the reasons behind the advertising withdrawal, Musk openly criticized these companies, setting off a viral chain of events that inspired the creation of a series of meme coins. This continues the ongoing trend of Musk-themed crypto tokens, which gain attention but often fade quickly.
Numerous “GFY” tokens have surfaced across the Ethereum, Solana, and BNB Chain networks, with the GFY Ethereum token pool on Uniswap holding over $600,000 in liquidity. Priced at $0.0000107, the token boasts a market cap of $7.28 million, experiencing a 77% value increase in a single day.
Simultaneously, meme coins inspired by Tesla’s Cybertruck have also gained traction, especially on the BNB Chain. The CYBERTRUCK token, generating around $671,000 in trading volume in a day, surged by 125% to surpass $0.09, maintaining a market cap of $163,000.
Meme coins are known for their volatility, driven by hype and associations with public figures and events. However, they are equally susceptible to sudden crashes, and some creators engage in “rug pulls,” exploiting investors to exit the market.
Elon Musk, a notable figure in the cryptocurrency world, particularly in meme coins, has significantly influenced the market through his tweets and public statements. His connection with meme coins dates back to his support for Dogecoin, a cryptocurrency created as a joke that gained a devoted following. Musk’s endorsement of Dogecoin in tweets has consistently triggered excitement and speculation, resulting in substantial price surges and inspiring the creation of other meme coins based on his persona.
