Elon Musk Strikes Again: His Involvement on X Triggers Surge in Meme Coins

Elon Musk, the Tesla CEO renowned for influencing crypto markets, has once again impacted the market, this time by changing his account name on X to "gorklon rust" and using the logo of the new meme coin New XAI Gork (GORK) as his profile picture. This led to a surge in the value of GORK by around 75%, although it later retreated slightly.

Other meme coins also experienced volatility as a result of Musk's actions. However, such peaks are often short-lived, as evidenced by the experience of the frog-themed meme coin KEKIUS, which soared by nearly 4,000% following Musk's endorsement last year, only to fall by 60% within 24 hours and 90% since its peak.

This highlights the risks of investing in such volatile assets.