Doge Chief Elon Musk Drops ‘Harry Bolz’, Solana Meme Coins crashes

Two Solana Meme coins with the X account name of Elon Musk fell on Wednesday after the Tech CEO dropped his new name “Harry Bōlz”.

The respective market caps of the tokens had blown up a day prior to $ 25 million and $ 8.5 million after Musk had adopted the apparent reference to a filthy scrotum.

One meme -Munt was called Harry Bōlz (Harrybolz), while the other was called Harry Bolz in the same way (Harrybolz). The first mentioned token has fallen to almost zero, while the other has fallen by 54% for the past 24 hours.

Musk first changed his name in Harry Bōlz in April 2023, proverb That it was effective a media stunt to get publications to refer to him using the term. That inspired someone to launch one of the meme coins earlier this month – only five days before Musk’s recent name change.

Although Musk did not weigh the reasons behind his second Stint as Harry Bōlz, the name change on Tuesday was interpreted by some as a representation of solidarity with Edward Coristine, a 19-year-old employee who is working on the cost-saving initiative of Musk’s government.

Coristine, which used the name ‘Big Balls’ and is often mentioned online, worked for Musk’s Neuralink startup and keeps waving in the so-called Department of Efficiency of the Government (Doge), the controversial Penny-Pinching group that is actually not a government department.

Bloomberg reported On Friday, Coristine was dismissed from an internship for “leaking internal information” to a competitor. On Tuesday, the Washington Post reported That Coristine has taken a role at the Ministry of Foreign Affairs for which he may need to be tackled to process sensitive data.

Sounds like a fake name that Bart of “The Simpsons” would use to make a joke to Moe’s Tavern, the movement of Musk may have resonated with his inner child. For meme coins that exchange on little more than vibes and attention, it was enough for a trader to have a $ 156 investment in $ 52,000.

Wednesday’s collapses repeated headwind that arose at the beginning of January for Kekius Maximus (Kekius) Holders. The Solana Meme Coin screwily 3,000% in just more than a day after Musk was a tribute to his path of the character of the exile.

The price of the token collapsed after the Musk’s account returned to his real name, fading in darkness without the continuous support of the billionaire.

Published by Andrew Hayward