Elon Musk's tweet encourages a surge in the value of Gork, a meme-based cryptocurrency, by approximately 70%.
Firing Up the Meme Coin Market: Elon Musk's Twist on X ignites a Frenzy
Elon Musk, the billionaire tech mogul, sent shockwaves through the crypto world with an unexpected late-night move on X - changing his moniker to "Gork" and swapping his profile pic with the Solana-based memecoin's mascot. In a matter of moments, the tidal wave was set in motion, rattling even the most seasoned crypto traders.
Musk's update sent Gork, the memecoin, into a stratospheric surge, catapulting it to dizzying heights of over 70% in a mere instant. Briefly, the token headlined the $0.06564 zone, with a valuation hovering around $65.64 million. In the past 24 hours, it galloped ahead by a whopping 43.29%, although the trading volume slightly dipped by 1.13%.
However, the frenzy didn't end there.
Within scant hours of Musk's tweet, numerous eerily familiar memecoins with the Gork label popped up on pump.fun, a hub known for its breakneck meme coin launches. Most of these mimics boasted minuscule market caps, some as meager as $4,000, and were churned out within the 12 hours since the viral tweet.
Two of these copycat coins stood out from the pack, primarily due to their more substantial market caps:
- Gork Musk (GM): Cooked up just 21 minutes ago, it bears a market cap of $45,195
- Gorilla On Retarded Kangaroo (GORK): This charmer made its grand entrance about an hour ago, boasting a market cap of $5,374
Despite their cheeky, light-hearted names and their small stature, these coins have become the talk of the town, riding on the viral wave ignited by Musk.
As always, investors are urged to tread warily. The memecoin market is a wild ride, and not every shiny new coin with a catchy name has the staying power or legitimacy to last the distance.
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** deeper insights- Musk's identity swap on X marked a monumental event for the crypto industry, particularly meme coins, sending the notorious Gork memecoin into a dizzying ascent.- Gork memecoin skyrocketed after Musk's name change, making it the most trending meme coin on CoinGecko. Despite the initial surge, the coin eventually regained stability, still continuing its journey in the green.- The impact stretched beyond Gork, affecting other meme coins as well, which experienced heightened volatility, although these gains were temporary, as the market tends to dance to its own rhythm.
The unexpected move by Elon Musk on X, changing his moniker to "Gork" and using the Solana-based memecoin's mascot as his profile pic, sparked a frenzy in the memecoin market. This led to numerous identical memecoins with the "Gork" label appearing on the quick launch platform, pump.fun. Among these new meme coins, two stood out - "Gork Musk" and "Gorilla On Retarded Kangaroo", both riding the viral wave ignited by Musk and gaining attention in the business and entertainment world. Investors should approach these investments with caution, as the memecoin market can be unpredictable and volatile.
