News spreads wildly, and the market instantly 'boils over'
Today, a piece of news suddenly flooded the circle! Multiple communities and platforms are hotly discussing: Elon Musk is suspected of deploying a new meme coin called ELON DOGE on the Solana chain and claims it will officially launch on July 1. Once the news broke, the entire crypto circle 'boiled over'—after all, Musk's past tweets have been able to make Dogecoin (DOGE) soar by 30%, so this time his 'personal involvement' has a significant impact!
Related impact: Why is the market paying so much attention?
Musk Effect = Traffic Nuclear Bomb
From DOGE to Bitcoin, every time Musk speaks, it almost triggers violent fluctuations in coin prices. If he truly enters the new coin space, even just by 'liking' it, it could attract massive funds into the Solana ecosystem.
The 'Meme War' on the Solana chain is heating up
Currently, Meme coins like BOME, WIF, and TRUMP are fiercely competing on Solana. If ELON DOGE joins the fray, it could not only change the rankings but also drive up both the volume of SOL itself and the on-chain trading!
'Community-driven' becomes the new trend
Recently, Meme coins without presales or fair launches are more favored by retail investors (like the previous BOME). If $ELON DOGE truly follows this route, it could easily ignite market sentiment.
Calm down! Anna emphasizes: Key issues must be clarified
Although the news is spreading like wildfire, as a rational blogger, I must remind everyone of a few points:
Has Musk really confirmed it?
As of the time of writing, neither Musk himself nor his companies (X, Tesla, etc.) have confirmed this news through any official channels! All claims of 'personal deployment' currently originate solely from community dissemination and project promotion, and their authenticity is questionable.
Has the contract been securely audited?
New projects, especially Meme coins, have always been high-risk areas for 'Pi Xiu' schemes (only investing without exiting) and Rug Pulls (scamming and running away). Currently, there is no publicly available third-party audit report for ELON DOGE, which poses a very high risk!
Beware of 'presale countdown' rhetoric!
'Last 24 hours to buy' is a typical FOMO (Fear of Missing Out) marketing tactic that can easily induce impulsive entry. Our country has explicitly prohibited token issuance financing (ICO), and any 'presale' is illegal!
Insights for ordinary investors
Do not blindly follow trends; information must be cross-verified
Wait for authoritative sources like Musk or the Solana Foundation to speak up; do not trust one-sided promotions.
Risk awareness comes first
Meme coins are essentially high-risk speculative products, with violent price swings being the norm; do not invest money you cannot afford to lose.
Learn on-chain tools and verify independently
Use blockchain explorers like Solscan to check contract addresses, observe large transaction trends, and identify early suspicious signs.
Anna's conclusion: The name Musk indeed carries a 'hot search quality', and the sudden exposure of ELON DOGE, whether true or false, reflects the market's extreme desire for a 'new narrative'. However, amidst the frenzy, protecting your principal is always the first rule of survival! For projects without solid evidence and unverified, maintaining a wait-and-see approach is the best strategy.
There are always opportunities in the market; what is lacking is a calm mind. I am Anna, continuously tracking the dynamics of the crypto market for you, separating the fake from the real! Want to delve deeper into the crypto space but can't find direction? Want to quickly get started and master the information gap? Click on my profile and follow me! Real-time sharing of first-hand information and in-depth analysis, precise tips on buying and selling points, and grasp the dynamics of the crypto world at the first moment!