Two meme coins on the Solana network unexpectedly dropped sharply after Elon Musk changed his account name on the social media platform X (formerly Twitter). The story began when Musk changed his account name to 'Harry Bōlz', a curious and humorous name that caused many to rush to buy the accompanying meme coins.
Meme Coin Soars High Thanks to Humorous Name
Immediately after Musk changed names, two meme coins named HarryBolz and HARRYBOLZ appeared online $SOL . Within a day, the market values of these two tokens skyrocketed to $25 million and $8.5 million respectively, attracting significant attention from the crypto community.
A lucky investor turned $156 into $52,000 by 'catching the wave' of meme coins due to the humorous name from Musk. This demonstrates the influential power of the tech billionaire on the crypto market, especially regarding meme coins and fleeting inspirations.
Plummeting Uncontrollably When Musk Renames Again
However, the joy did not last long when #ElonMusk unexpectedly changed his account name back, causing both meme coins to plunge dramatically.
HarryBolz is nearly at zero, turning investors' hopes into smoke.
HARRYBOLZ lost 54% of its value just 24 hours after Musk changed the name.
Why Did Musk Rename Harry Bōlz?
Elon Musk first used the name Harry Bōlz in April 2023 as a humorous media stunt to get the press to call him by this peculiar name. However, the recent name change is believed to support Edward Coristine, a young employee who previously worked at Musk's Neuralink.
Coristine is nicknamed "Big Balls" and is widely known online by this name.
After being fired for allegedly leaking internal information, Coristine took a position at the U.S. State Department, sparking much speculation about his relationship with Musk.
A Lesson for Meme Coin Investors
The story of #HarryBolz and HARRYBOLZ reminds the crypto community of the risks of meme coin investment, as their values depend almost entirely on trends and community attention.
Elon Musk has repeatedly created a domino effect in the crypto market, from Dogecoin to emerging meme coins. But when the frenzy passes, the value of these meme coins often plummets, potentially leaving investors with nothing.
Risk Warning
Investing in cryptocurrency always carries high risks and can lead to significant asset loss. Readers should thoroughly research information and consider risks before making investment decisions.
