Elon Musk’s controversial words this week have inspired the creation of hundreds of tokens, some reaching market capitalizations of over $25 million.
One of the tokens, GFY, short for ‘go f–k yourself,’ led the pack, with more than 250 GFY tokens issued on several networks, mainly on Ethereum, Solana, BNB Chain, and Arbitrum.
Elon mentioned some sentences on TV
A token was created and it pumped 570k% in a day
— The Wolf Of Crypto Streets (@W0LF0FCRYPT0) November 30, 2023
Market capitalizations of these tokens range from under $15,000 to more than $25 million, with the largest one attracting $19 million in trading volumes in the past 24 hours from around 4,000 holders.
Other tokens inspired by Musk include TRUCK, which appeared after Tesla debuted its Cybertruck, and GROK, named after the GrokAI chatbot built by xAI, a division of X.
GROK surged more than 10,000% after issuance in early November but dropped 50% after its developer was linked to failed projects.
Meme coins have gained popularity in the crypto trading landscape, with some professional investors believing they will always remain a part of the crypto ecosystem.
James Wo, founder of crypto fund DFG, said in an interview that meme trading is a risky way to seek excessive returns, but when it pans out, the upside can be huge, leading to large up-swings even in a bear market.
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