Easy money: an Elon Musk-inspired cryptocurrency soared 825% in its first trading day

The news portal Business Insider highlighted that Elon Musk is not associated with the cryptoasset REUTERS / Michele Tantussi

The billionaire and founder of Tesla, Elon Musk, has been having a few hectic days on Twitter after the survey carried out on said social network about the possible sale of a part of its shares. It was even able to inspire a new memecoin, which quickly skyrocketed on the first day of its launch, according to a post by Business Insider.

Over the weekend, the billionaire changed the name on his Twitter account to Lorde Edge, which caused a wave of speculation about the reason for this modification. Something that the CEO of Tesla did not provide.

However, the so-called Lorde Edge started trading on Monday and generated a volume of operations valued at almost USD 27 million, according to data from CoinMarketCap.

The price peaked at $ 0.00002954, representing an increase of 825% from the opening price of $ 0.000003192, highlighted BI. He also indicated that the token has already appeared on more than 1,500 watchlists on CoinMarketCap.

However, he noted that the price of Lorde Edge it later declined to hit lows of 0.000002724, but has since grown 178 percent.

“We are LIVE and BOOM! @Elonmusk Lorde Edge is with us! ”Stated EDGELON, the community behind the ether-based currency, in a Twitter post last Sunday.

The news portal highlighted that Musk is not associated with the crypto asset at all.

On Saturday, Elon Musk asked his 63 million Twitter followers if he should sell 10% of his Tesla stock. More than half of the 3.5 million votes in the poll were in favor of the sale REUTERS / Aly Song / File Photo
On Saturday, Elon Musk asked his 63 million Twitter followers if he should sell 10% of his Tesla stock. More than half of the 3.5 million votes in the poll were in favor of the sale REUTERS / Aly Song / File Photo

The token of Lorde Edge seems to be a kind of fan icon with the businessman. In its web portal, which was designed in a single day, Edgelon was mentioned as “the first cryptocurrency to praise the Dogefather and the CEO of the crypto sector, Elon Musk.”

“But it is not only the web that describes it this way, but the developers behind the new token seem to fully accelerate its promotion through the network. A community on Telegram and a great marketing plan implemented seem to be the two weapons under which this new launch pivots. Memes, sweepstakes and NFTs are part of the plan ”, detailed the publication.

In this framework, he indicated that the developers have even prepared a technical document to share the future plans of the token.

Musk, specifically his mascot, was the inspiration for a cryptocurrency called Floki Inu currency. It is a mix of Shiba Inu and the name of Musk’s dog, Floki. The cryptoasset was at the center of a recent ad campaign across the UK transport system, according to a report by Financial Times.

Regulators warn of scams with some cryptocurrencies

Regulators around the world urged investors to be cautious when investing in memecoins and other digital assets.

A recent example of this is the cryptocurrency fraud inspired by the hit Netflix series The Squid Game. The token soared 75,000% as buyers joined in. But the links to his website and social networks were inactive last week, suggesting that it was, indeed, a scam.

Meanwhile, Musk’s name change on Twitter was part of a busy weekend for the South African on social media. On Saturday, he asked his 63 million Twitter followers if he should sell 10% of his Tesla stock. More than half of the 3.5 million votes in the poll were in favor of the sale.

In that sense, Business Insider recalled that Wedbush analyst Dan Ives explained in a note that it was already known that Musk planned to sell some of his shares before the end of the year, as he faces a “large tax bill” from his 23 million stock options granted in 2012 and expiring in August 2022.

Although he acknowledged that Musk selling 10% of his stake in Tesla should not cause concern about the market value.

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Easy money: an Elon Musk-inspired cryptocurrency soared 825% in its first trading day