Elon Musk Changed His X Handle Name, Which Resulted In 80% Drop In A Coin’s Price

The world of memecoins is dicey. Most memecoins start as internet jokes. However, jokes grow old, and memecoins are the biggest example. While there are memecoins that have transcended their original status as a mere joke, there are many coins that have dwindled into the depths of oblivion. One such asset that is slowly losing its value is the meme coin HARRYBOLZ.  

The meme coin HARRYBOLZ peaked when Musk changed the name of his X handle to Harry Bolz. As soon as Musk changed the name of his X-handle, the meme coin blew up. People started frantically acquiring the coin. However, this bull only lasted till the joke remained fresh.  

The Meteoric Rise & Crashing Fall 

Now that the American billionaire has again changed his name, the coin is losing its value rapidly. In a short while, the coin crashed and is still dipping. One HARRYBOLZ coin that went live on Feb 7th saw a major spike of around 50,000% for an hour on Tuesday but has since fallen in overall pricing. As per data collected by DEX Screener, HARRYBOLZ has lost up to 80% of its value. This sharp drop came just moments after Musk changed his name. Therefore showing the volatility of the memecoins. 

The drive to acquire the coin started when Musk changed his name from Elon to Harry Bolz. Investors rushed to Solana to acquire the memecoin. Traders hoped to make quick and easy profits. One trader turned their $156 investment into a $52,000 profit, while another made over $340,000. However, late buyers were left with nothing. Sources suggest that the coin was part of a bigger scheme where Musk’s online activity became the market regulator.  

As a result, Elon Musk’s abandoning the trend has rendered the coin useless. Sources suggest that the coin is dipping rapidly with no sign of stopping. Hence, it shows the primary risks of memecoins as a whole. Follow for more crypto news.