A digital currency has increased in price nearly 100 times thanks to Elon Musk’s name change

After Elon Musk renamed his Twitter account “Lorde Edge”, the digital currency of the same name was created and quickly increased in value.

Over the weekend, Elon Musk changed the account name and location setting to Trollheim. He did not explain the meaning of these two phrases. In the past, he also occasionally changed his name on a whim and reverted back to the old name every few hours or about a day.

However, Musk’s move became the inspiration for a cryptocurrency called Lorde Edge (EDGELON) to be born. Within 24 hours, the value of this digital currency increased 92 times, from 0.0000032 USD to 0.0002954 USD, with an average trading volume of 11 million USD, the highest being 50.3 million USD. However, its price has now dropped to $0.00001709, according to data from CoinMarketCap.

Elon Musk changed the name of his Twitter account on November 7.  Photo: AP/Twitter

Elon Musk renamed his Twitter account over the weekend. Photo: AP/Twitter

On the coin’s website, the development team describes it as “the first token to celebrate Dogefather Elon Musk”, as well as “honoring the sole leader in driving the Dogecoin and Shiba Inu projects”. Previously, Musk also referred to himself as “Dogefather”, meaning “Doge’s father”.

However, Lorde Edge is not appreciated by the community. The development team behind the website design was also sloppy and misspelled. Some predict this digital currency will soon plummet in value, similar to most other coin memes.

The price of EDGELON increased sharply in less than 24 hours.  Source: CoinMarketCap

The price of EDGELON increased sharply in less than 24 hours. The source: CoinMarketCap

Musk does not appear to have any connection to this project. Previously, his name was also given to many other coin memes, such as Dogelon Mars (ELON). Another coin called STOPELON was also created with the purpose of removing Elon Musk from the Tesla leadership. In September, when he posted a picture of his pet dog, the price of a cryptocurrency called FLOKI increased by nearly 1,000%

A number of new tokens that follow Elon Musk's renaming of Twitter appear.  The one that is marked as scam (far right).  Photo: Wu Blockchain

Some tokens follow Elon Musk’s change of Twitter’s name. One of them is marked scam (far right). Photo: Wu Blockchain

Besides Lorde Edge, a series of other names for Musk’s new name also appeared. According to Twitter account Wu Blockchain, there are at least 5 related tokens born just hours after the CEO of Tesla changed the name, including a scam code.

Previously, experts also warned users not to pour too much money into the coin meme. In fact, following the meme money also makes many investors regret. Recently, a person lost most of his savings of 28,000 USD because of buying digital money for the movie Squid Game. According to experts, meme coins are often rated as junk coins or lottery coins, so players should spend a small amount and accept that they will lose, should not bet the entire property.

Bao Lam

Show More

Leave a Reply

Your email address will not be published.

Back to top button