- Harry Bolz-inspired memecoins tanked after Musk re-changed his X profile name
- This isn’t the first time crypto degens have profited from Musk’s name changes
Several memecoins inspired by Elon Musk’s recent X profile name, Harry Bolz, declined after he removed the username.
In fact, one of the most liquid HARRYBOLZ tokens was created just five days ago. At the time of writing, it was down 57% in the last 24 hours.
Another similar token, created a day ago, was down nearly 100% at press time. All these were tokens created on Solana and traded through Raydium DEX.
Interestingly, the most liquid of the memecoins rallied by nearly 15000% on Tuesday, before tanking on the charts.
Source: HARRYBOLZ/USDT, TradingView
Other tokens bearing the name on BNB Chain initially pumped by +300% and +5M%. However, they were steeply declining at press time.
Elon Musk’s memecoin plays
For those unfamiliar, this isn’t the first time crypto degens have jumped on Musk’s profile change for profit or extractive activities. His recent profile name change was a play with ‘Bolz, ‘ likely referring to the ‘Big Ballz’, a nickname for one of his DOGE employees who went viral last week.
The ‘Harry Bolz’ username was a normal, satirical move that Musk used to target the alleged judge who blocked recent DOGE and President Trump’s efforts to trim federal waste.
In early January, he adopted another mysterious profile name, ‘Kekius Maximus.’ This was another playful username tied to Gladiator’s lead character ‘Maximus Decimus Meridius.’
In each case, memecoin speculators were always quick to create a token similar to the new Musk profile name and mint millions.
Unfortunately, it always ends the same way for these kinds of memecoins. They dump by nearly 100% in less than 24 hours after their creation as early traders book profits. And the latecomers to the craze always suffer the most.
