A new meme cryptocurrency $STOPELON has emerged this week to counter Tesla CEO Elon Musk’s manipulations of the crypto market. The cryptocurrency market saw a crash on May 19 and many traders blamed the recent tweets of Elon Musk for the rout.
The new cryptocurrency $STOPELON has seen a price surge of nearly 5000 percent in a single day from $0.0000019 to $0.00009450.
The objective of $StopElon developers is to stop Elon Musk who allegedly manipulates the crypto market.
What is $STOPELON?
Just like Dogecoin, STOPELON is a meme cryptocurrency. It was built with, as befits any meme currency, quite unrealistic meme-like goals.
The new cryptocurrency is currently being traded on the Binance Smart Chain blockchain.
The coin has a market cap of nearly $24.9 million while it's currently being traded at $0.0000481795 per coin. Two days ago, the coin was traded at $0.0000019.
The total STOPELON supply comprises 50 percent of coins available for purchase and 40 percent already burned and removed from circulation with 5 percent each for the developers’ wallet and marketing.
Why do people want to 'stop Elon'?
Crypto traders and investors have become increasingly frustrated with Musk's tweets that often have resulted in swinging current cryptocurrency prices wildly.
The most recent big dip in Bitcoin and other cryptocurrencies, came after Musk announced that Tesla would not be taking Bitcoin for payments of its car due to environmental concerns over Bitcoin mining.
The price of Bitcoin has taken a massive dip after Musk recently announced that Tesla won’t receive payment in Bitcoins for its cars due to the environmental concerns around the mining of the cryptocurrency.
The latest impact of Musk’s tweet was noticed on May 17 when Bitcoin's valuation plunged below $45,000, its biggest slide since February, after a tweet by the billionaire hinting that Tesla may sell its cryptocurrency holdings.
It's not just Bitcoin, Musk’s recent comments on Saturday Night Live sent Dogecoin prices crashing while the episode was still on the air.
Many cryptocurrency traders have raised their voice against Musk's alleged manipulations with his cryptic tweets specifically on Dogecoin and Bitcoin.
"Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again; causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It's ridiculous!" reads the official page of $STOPELON.