Elon Musk Lets Presumed Cryptocurrency Surge 140%

Elon Musk Lets Presumed Cryptocurrency Surge 140%

Without much direct involvement with cryptocurrencies for a few months, even avoiding the topic, Elon Musk continues to spark a surge in some suspicious tokens appearing on the market.

For example, Elon Musk’s jokes with Dogecoin spawned meme cryptocurrencies that tried to get the attention of the billionaire.

One of the projects that emerged was the Shiba Inu, as well as Baby Doge and DogeElon, new coins that continue to try to attract investor interest in dog coins.

Anubis fires at Elon Musk while quoting the name of the ancient Egyptian deity

Anubis is an Egyptian deity associated with death and the mummification process. He was depicted with the head of a jackal or a dog, because the Egyptians believed that these animals could smell death.

Thus, Anubis was considered the guardian of the dead and the graves, and was responsible for leading the souls of the deceased to judgment in the underworld.

However, interacting with a photo of an Anubis costume, Elon Musk eventually engaged in an involuntary move.

That’s because, after posting a simple “Anubis” on his Twitter, he raised the price of several coins that came up with that name. In a matter of seconds, speculators and scammers created “Anubis Coin”, some of which skyrocketed by more than 140% in a short period of time.

Most cryptocurrencies originated on the BNB Chain network, where transaction fees are cheap.

Elon Musk Effect Powers Fraudulent Cryptocurrencies
Elon Musk effect drives fraudulent cryptocurrencies Reproduction.

It is worth remembering that many new coins do not allow buyers to sell tokens. That is, the valuation may even attract new buyers, but they are unable to sell and make a profit, which shows that many meme projects are just scams against unsuspecting investors.

Is the love for Dogecoin over?

Despite not talking much about Dogecoin on his social networks anymore, everything points to Elon Musk continuing to enjoy the cryptocurrency and his community.

Proof of that is a reaction in January 2023, when the billionaire again said he would eat a McDonald’s live on television if the restaurant chain accepted DOGE as payment.

His public speeches about Dogecoin have otherwise had no bullish effect on the cryptocurrency he claims to be his favourite. That is, it is not clear whether the DOGE community has lost its enthusiasm for Elon Musk.

In any case, for investors new to the market, it is clear that the “Elon Musk effect” still exists in the memecoin market, even with an indirect participation of the billionaire in investments that are considered high risk .

Source: Live Coins