In a situation that could only come from the world of crypto and high-profile personalities, Solana (SOL-USD) meme coins took a nosedive this Wednesday. The reason? Tech titan Elon Musk decided to drop his cheeky moniker, “Harry Bōlz.” This caused an immediate impact on the value of two meme coins named after his erstwhile X account pseudonym. The market caps of these tokens, which had soared to $25 million and $8.5 million respectively just a day earlier, plummeted following Musk’s decision to revert to his original X handle.
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From Media Stunts to Market Plunges
It all started as a media stunt in April 2023 when Musk adopted the “Harry Bōlz” name, which prompted the launch of the related meme coins. However, the fun didn’t last long. As reported by André Beganski, the coin named HarryBolz crashed to nearly zero, while its counterpart, HARRYBOLZ, dropped by 54% in just 24 hours. Musk’s antics, reminiscent of a “The Simpsons” prank call, should caution investors about the volatile nature of meme coins that thrive on public attention and celebrity endorsements.
Remember When KEKIUS Surged 3000%
This isn’t the first time Musk’s online behavior has rocked the crypto boat. Similar fluctuations occurred in early January with the Solana meme coin Kekius Maximus (KEKIUS), which surged 3,000% after Musk mentioned his video game character. Like the others, KEKIUS’s spike was short-lived, crashing back down once Musk stopped promoting it.
Musk’s name changes and the ensuing market reactions exemplify how closely digital currencies can be tied to media visibility and celebrity movements. This should serve as a reminder of the speculative and sensitive nature of meme coin investments.
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