Elon Musk's Twitter Name Change Sparks Wild Ride for 'Harry Bōlz' Memecoins

Elon Musk's Twitter Name Change Sparks Wild Ride for 'Harry Bōlz' Memecoins

Elon Musk's brief Twitter profile name change to "Harry Bōlz" sent shockwaves through the cryptocurrency market, particularly in the realm of memecoins. A Solana-based token named HARRYBOLZ, launched on February 7, saw its price skyrocket to $0.025, achieving a market capitalization of approximately $25 million. However, the surge was short-lived, as the price plummeted 97% to $0.0008, reducing the market cap to around $800,000 after Musk reverted to his original name.

Trading Activity and Notable Transactions

The HARRYBOLZ token generated nearly $100 million in 24-hour trading volume before its dramatic decline, as reported by DEX Screener. A notable transaction involved a wallet identified as "LeBron," known for profitable trades in official TRUMP and MELANIA memecoins. "LeBron" purchased 128.8 million HARRYBOLZ tokens for 25 SOL ($4,900) on the token's launch day and later sold 109.9 million tokens for 3,649 SOL ($737,000) on Tuesday, according to blockchain analytics platform Lookonchain.

Copycat Tokens and Market Volatility

Another Solana-based HarryBolz token emerged following Musk's name change, reaching a market cap of $8.4 million before collapsing by over 99% to just $75,000. The top trader of this token secured a profit of around $10,000, as per DEX Screener. Numerous other copycat tokens on the Solana blockchain followed a similar pattern of rapid surges followed by sharp declines, albeit with lower trading volumes.

Historical Context and Market Implications

This incident is not isolated, as Musk has previously influenced the memecoin market with his social media antics. In April 2023, a similar name change to "Harry Bōlz" caused significant market movements, while his brief adoption of the name "Kekius Maximus (NYSE:MMS)" on New Year's Eve led to a memecoin's market cap surging over 30 times before plummeting 75% after Musk reverted to his real name.

Broader Implications and Community Response

Musk's use of the "Harry Bōlz" moniker is also seen as a show of support for Edward Coristine, a staff member at the Musk-led Department of Government Efficiency. Critics have raised concerns about Coristine's access to sensitive data due to his age, lack of experience, and a past incident involving a leak. Coristine has also worked briefly for Musk's Neuralink.

Amid the social media frenzy, Polymarket humorously suggested that Harry Bōlz had taken a 94% lead over Alexandria Ocasio-Cortez in fictional 2040 presidential election odds, highlighting the playful nature of the online community's response to Musk's actions.

This article highlights the volatile nature of the memecoin market and the significant influence of high-profile figures like Elon Musk on cryptocurrency trading dynamics.