Home
News
- The new cryptocurrency is named ‘StopElon’
- It launched on the Binance Smart Chain blockchain
- Official website says that it is a community to destroy the biggest manipulator in the crypto space
Crypto enthusiasts are now designing a new cryptocurrency that will be unfazed by Elon Musk’s Twitter sprees. As per Business Insider, this new cryptocurrency is named ‘StopElon.’
Elon Musk’s Influence on Crypto Market
Over the past few months, the crypto market heavily influenced by Elon Musk, and the tech giant tweeted about cryptocurrency. The success of Dogecoin is entirely credited to Musk. He had a big hand in making cryptocurrencies mainstream. The market capitalization of cryptocurrencies saw a massive increase in the past few months, and cryptos became a hype. However, Tesla announced that it wouldn’t be accepting Bitcoin anymore. The reason behind this is the extreme energy requirement for mining.
Investors Frustrated by the Market Volatility Caused by Elon Musk’s Tweets
The Crypto market over the past few days has been in the mayhem. Hence, crypto enthusiasts have come up with the innovative cryptocurrency, StopElon. It aims to protest against Musk’s manipulation of the crypto market. The new token launched on the Binance Smart Chain blockchain has already seen a growth of over 5000%. The token has appreciated from $0.0000019 to $0.00009450. StopElon’s official website says that it is a community to destroy the biggest manipulator in the crypto space.
Traders are very frustrated by the volatility of the market that is mainly brought about by Musk. The volatility not only disrupts the market but also increases the risk of investments. The most recent announcement by Tesla resulted in a 40% dip in Bitcoin’s price. Dogecoin also faced a very similar consequence. A few months ago, Musk suggested that the company had sold many Bitcoin shares and the crypto market plummeted once again.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
