Tesla CEO Elon Musk changed his Twitter name over the weekend to \u201cLorde Edge,\u201d in a move that hasn\u2019t yet been explained but is already affecting the cryptocurrency space, as a new meme-inspired cryptocurrency called EDGELON has been launched.<\/p>\n
According to a report by Insider, Elon Musk\u2019s move sparked a flurry of speculation as to the reason behind the change, but one wasn\u2019t provided. A meme-inspired cryptocurrency has nevertheless been launched shortly after the change was made and initially pumped over 800%, from $0.000003192 to a high of $0.00002954, before dropping back to $0.00001934 at press time.<\/p>\n
An account associated with the newly launched cryptocurrency has revealed on social media it already has over 2,000 Ethereum addresses holding it, with a fully diluted market capitalization above $20.3 million.<\/p>\n
Elon Musk is unlikely to be associated with the project. Earlier this year, responding to a user asking whether he held any $FLOKI tokens, Musk said that he only bought BTC, ETH, and DOGE. Tesla itself only invested in the flagship cryptocurrency.<\/p>\n
Floki Inu ($FLOKI) is another meme cryptocurrency whose name was inspired by Elon Musk\u2019s dog. It launched a major advertising campaign on London\u2019s public transport system with funds\u00a0taxed on the cryptocurrency\u2019s buyers.<\/p>\n
Throughout London\u2019s public transport system, it inserted adverts with the slogan \u201cMissed Doge? Get Floki\u201d in a bid to \u201clegitimize\u201d the cryptocurrency and increase the \u201cconfidence of the average consumer\u201d to buy it, according to the project\u2019s head of marketing, which went by Sabre.<\/p>\n
On social media Dogecoin ($DOGE) creator Billy Markus pointed out that Elon Musk\u2019s new Twitter name is an anagram for \u201celder doge,\u201d but noted that the anagram may have not been intentional.<\/p>\n
Meme-inspired cryptocurrencies have been surging over the last few months with Shiba Inu ($SHIB) helping a 35-year-old former supermarket warehouse manager who first started researching cryptocurrencies in a bid to \u201cmodestly grow the tens of thousands of dollars in savings\u201d make over $1.5 million in crypto.<\/p>\n
Digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been \u201ca pretty good indication of an overheated market.\u201d<\/p>\n