Elon Musk has stirred the crypto world by changing his name on the banned social network X in Russia. His new nickname 'Gorklon Rust', which refers to his chatbot Grok AI, acted as a catalyst for the growth of some meme coins.
The new Solana-based coin GORK surged nearly 100% within 24 hours, reaching an all-time high of $0.083 on May 4. Its price then retraced to $0.06274.
There are rumors that the parody token release may be backed by Musk's xAI team, although there is no confirmation of this.
CoinGecko Data
The market capitalization of GORK, which peaked at $72 million, is now fluctuating around $68 million. Technical indicators such as RSI are oscillating between 58 and 60 on the daily chart, indicating a retention of bullish momentum, although the grip of the bears is strengthening.
A few months ago, crypto blogger Yan Ge predicted that TRUMP would be the last meme coin to increase in price solely due to hype, as it is impossible to surpass the level of fame of Trump.
Indeed, Musk's new stunt of changing his name did not produce a truly explosive effect. By the way, many people believe that a special team is currently managing his social media.