Protests, market manipulation, cryptocurrency and Elon Musk: All topics worthy of exploring, sure, but in today’s world they all have collided.
It seems many involved with crypto news would like Musk to stop presenting opinions via Twitter statements and simply stay quiet.
Tokens are being created that underscore the pushback.
Newsweek reported that one, $STOPELON, “is currently worth $0.000015 with a market capitalization of around $8 million, though this is likely to change quickly.”
Another, $F***ELON, is already worth $1.67 (market cap just under $150,000).
Musk, the Tesla billionaire and recent host of Saturday Night Live, has made comments over the past several months about the meme-inspired Dogecoin, a crypto launched in 2013.
He also oversaw Tesla’s investment in bitcoin, a commitment recently retracted due to Musk’s concern for the environmental impact of bitcoin mining.
Following Musk’s decision, bitcoin fell more than 10 percent.
On Monday, Musk set the record straight on his bitcoin position, saying Tesla has not sold bitcoin in the wake of his company’s new stance of no longer accepting bitcoin as payment.
Bloomberg published an opinion piece on Monday, saying in part that Musk “definitely has the power to move Bitcoin and Dogecoin prices whenever he feels like it.”
It just seems people are tired of the manipulation.
On the $STOPELON website: Musk is “infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account.” Among the site’s lofty goals are to seize “full control of Tesla stock” eventually.
The $F***ELON team wants the value of their token to overtake the Tesla stock price, standing at $587 by Tuesday afternoon.
The Newsweek story said the group will bring on social media influencers and paid groups.
YouTube sensation Logan Paul tweeted Monday: “$F***ELON to the moon before he ever gets there. (Not financial advice.)”