Elon Musk, billionaire entrepreneur and CEO of Tesla and SpaceX, changed his display name on X (formerly Twitter) to 'gorklon rust' and updated his profile picture to a meme inspired by Gork.
This move caused an increase in tokens related to the Gork theme. Furthermore, several new tokens 'gorklon rust' were quickly created, some of which experienced price jumps of up to 7,000%. It is important to note that the number of Gork's followers on X also sharply increased, rising from approximately 86,000 to over 113,000.
The meme coin market is actively reacting to the name change of 'Gorklon Rust' by Elon Musk.
For context, Gork is a parody account of the chat bot Grok from xAI. Known for its humorous and unconventional responses, Gork has gained a loyal audience on X, including Musk. The CEO of Tesla announced the display name change on May 4. Following this, there was a surge in market activity as meme coins related to the 'gork' theme experienced unprecedented volatility. Data from DexScreener showed that the meme coin named New XAI Gork (GORK) increased by 58.7%.
Its market capitalization exceeded $64 million. The token also ranked second on the CoinGecko trending list. However, the hype did not stop there. Shortly after, several new meme coins under the 'gorklon rust' brand were created. According to the latest data, these low-cap tokens experienced even more impressive increases, some of which rose from 4,000% to 7,000% within 24 hours.
Trading volumes for these tokens surged, reflecting increased speculative interest sparked by Musk's actions. However, the hype seems to be fading quickly. Over the last hour, several tokens have sharply fallen in price, highlighting the high volatility and riskiness of trading meme coins, where quick reversals are as common as sudden spikes.
Meanwhile, this latest episode reflects Elon Musk's previous meme-inspired market movements. By the end of 2024, his persona acceptance of 'Kekius Maximus' led to a 504% increase in the meme coin KEKIUS.
Similarly, Elon Musk's username change to 'Harry Bolz' in February 2025 triggered a 3,000% increase in the meme coin HARRYBOLZ, as reported by BeInCrypto. Additionally, Musk's antics as 'Dogefather' similarly contributed to significant increases in related tokens.
While Musk's latest move generated hype and profits for some, it also underscores the speculative nature of meme coins, where profits can be as fleeting as the trends that drive them.#BinanceSquare #Write2Earn #Squar2earn #Binance #crypto $ETH