A new cryptocurrency called Stopelon has been launched to limit Musk’s influence over the volatile market. STOPELON is currently worth $0.000015 with a market capitalization of around $8 million, though this is likely to change quickly. Another, $F***ELON, is worth around $1.67 with a market cap of just under $150,000.
A new cryptocurrency STOPELON has been launched purely to limit Musk’s influence over volatile market
Cryptocurrencies ticked up on Tuesday morning, recovering the losses from the weekend after Tesla CEO Elon Musk sparked a sell-off. Bitcoin was up 1%, trading at $45,005. Ethereum rose 0.9%, trading at $3,486.7922. Ripple (XRP-USD) was up more than 6%. Earlier, the price of bitcoin had crashed to its lowest level since the end of February.
A Twitter account named CryptoWhale tweeted:
Musk responded with the word indeed, which caused bitcoin and other cryptocurrencies to plummet. However, later he clarified that the electric vehicle company had not sold any Bitcoin.
In any case, a statement on the $STOPELON website says Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. The team plans to eventually gain full control of Tesla stock after becoming more prominent. And the team behind the $F***ELON token state that their goal is to have the value of the token surpass the stock price of Tesla—currently around $ 576.
The team plans to do this by using influencers and paid groups as well as spreading the token around social media.
YouTuber Logan Paul tweeted about the token yesterday, writing:
The founding community of Stopelon said:
“Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. He’s toying with people’s portfolios like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON.”
According to Benzinga, Stopelon’s plan is to use the capital raised through the project to gain control of Tesla stock and fire Musk. STOPELON’s price increased by 512% from a 24-hour low of $0.000001756 to a high of $0.000010756 before correcting by over 58% to its current price of $0.000006797.
Source: AZCoin News