09 Nov 2021 10:41 AM +00:00 UTC

Elon Musk Can't Do Anything Without It Becoming A Cryptocurrency Token

Image of Elon Musk in a suit, against a purple/pink space background

Elon Musk has fast become the most important figure within the memecoin space. The self-described Dogefather is often in the headlines, whether for denying he owns Shiba Inu Coin, cutting alleged links to The Dogecoin Foundation, or seeing Floki Inu jump 15% in under an hour.

Given his popularity, it's no surprise that he has become the inspiration for countless cryptocurrency tokens. A quick search on CoinGecko reveals the likes of DogelonMars, ElonGate, Elonomics, ELONBALLS, and Dogs of Elon each use the Tesla CEO’s name in their branding.

However, it’s now gone even further than just his name, and shows no sign of stopping.

Elon Musk-based Cryptocurrencies

Late last week, Elon Musk changed his Twitter name to Lorde Edge - an anagram of Eldest Doge in a reference to his position and support for Dogecoin.

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Mere hours later, the Lorde Edge (EDGELON) token was born. According to its website, Lorde Edge is “the first of its kind token celebrating the Dogefather and crypto CEO, Elon Musk”, despite the various Musk-based tokens that came before it.

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EDGELON is now up 300% in the last 24 hours, and Musk has dropped Lorde Edge from his Twitter account.

This is not the only cryptocurrency token released on the back of something Elon Musk did. There is now a token named after his son, X Æ A-12. The X AE A-12 Token, and according to its website, is a:

Representation of a dream, of a vision. Representation of a decentralized society. A "Thank you" to Elon Musk.

Where the name X AE A-12 exactly fits into this vision isn’t yet clear.

The most successful cryptocurrency of this type is Floki Inu. Named after Elon Musk’s Shiba Inu puppy, FLOKI has itself spawned a number of other cryptocurrencies using the Floki name (including SpaceX Floki, just for the extra Musk keyword). It now has a self-reported market cap of $2 billion.

Of course, Elon Musk, now the world’s richest person, will likely be unaffected by these coins. Ultimately, it’s the small-time, average retail investors who could get burned.

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The Rise And Fall of Trending Tokens

Much of the appeal of these Musk-based tokens applies to a wider group of cryptocurrencies that jump on the flavour of the month. Coins like Lorde Edge appeal to the niches of the crypto community. Those such as Dune Token target a wider audience.

The most notorious of these is Squid Game Token. Based on the hit Netflix series, SQUID received coverage from mainstream media outlets, sending its price soaring. An alleged rug pull then saw the price crash by 99.9%. It has since started to recover, too.

Musk’s tweets and actions are themselves ‘trends’. It's also the same reason why there are so many cryptocurrencies with 'Inu' in their name.. However, as dictated by the very definition of a ‘trend’, the hype eventually dies down as the internet moves onto the next topic, creating cycles of volatility for these tokens.

We’ll see you for next week’s Elon Musk-based cryptocurrency, then.

Read More: Tesla Website Adds ‘Shiba’ Into Payment Source Code, But Probably Not For SHIB