Cryptocurrency investors are not happy with Tesla CEO and billionaire Elon Musk. After Wednesday’s crash, many cryptocurrency traders are upset with the 49-year-old and blame his recent tweets for the rout observed in the crypto market.
Upset with Musk’s “irresponsible manipulation” of cryptocurrencies, a new virtual coin has been minted. It has been named $STOPELON. The cryptocurrency has emerged just this week and the price has increased over 4,000 per cent in just a day — from $0.0000019 to $0.00009450.
The currency has been created on the blockchain Binance Smart Chain and is currently trading at around $0.00005600 with a market capitalisation of nearly $30 billion, according to a chart site cited by BusinessToday.in.
On the website of the new cryptocurrency, created by miffed crypto traders, it is written that $STOPELON is “a community created to destroy the biggest market manipulator of them all.”
Though it seems to be another meme coin and serves no apparent purpose, it seems that the virtual coin has been created with the intention of expressing dissent against the Tesla CEO while making money.
It may be noted that a recent series of tweets by Elon Musk had damaging effects on Bitcoin, which has crashed sharply over the past few weeks. When Musk first tweeted that Tesla will not accept Bitcoin as payment, the cryptocurrency sank almost 17 per cent.
Musk’s tweet also had a devastating impact on other cryptos such as Dogecoin — a meme virtual coin that shot to fame earlier this year after Musk tweeted backing it. Its rise had made a fortune for many before it tanked sharply on Wednesday along with all other cryptos.
The creators of $STOPELON claim that the price of the virtual coin will not be “controlled” by Musk’s tweets.
On the official website of $STOPELON, the message read: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again, causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It’s ridiculous!”
“He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON. Where we get rich, without anyone controlling our fate except ourselves. All you have to do is BUY and HODL.”
As of now, $STOPELON is not available on any of the major exchanges and one can buy it by downloading Trust Wallet or any other application that supports SWAP Platform PancakeSwap.
However, analysts have advised interested investors to stay away from meme cryptos that serve no purpose. Speaking to BusinessToday.in, Monark Bedi, Bitex founder and CEO, said there is no fundamental backing for StopElon, and it is just a community that has come together to drive the price of the coin.
Investing in such cryptos could turn out to be a total loss of investment as there are no regulations framed around it, warn analysts. Anyone who wants to go forward with investments in such cryptos should do with surplus money.