In November, as cryptocurrencies repeatedly hit record highs, Elon Musk-inspired altcoin projects like “Dogs of Elon”, “Elon Sperm” or “AstroElon” totaled $3.7 billion. Now, these cryptocurrencies are all down 80%.
The latest status of altcoin projects inspired by Elon Musk
In June, Musk said on Twitter that he would buy himself a Shiba Inu dog and call it Floki, and an anonymous person said, “Elon Musk’s Inspired by the Shiba Inu, he asked him to launch a cryptocurrency called Floki Inu (FLOKI).
”, FLOKI rose 4,000%.
Elon Musk was the name that fired the 2021 bull
In 2021, Musk became the undisputed number one cryptocurrency phenomenon. The crypto market had proven its hectic forces, especially when Tesla’s CEO tweet that Tesla would accept BTC for payments sparked the lead crypto and Tesla’s tweet that it would suspend BTC payments caused BTC to plummet. .
The next crypto hype hunt is not one but two “meme tokens” – DOGE and SHIB – first by market cap inspired by a Japanese Shiba Inu dig It was mature at a time when it was involved in 10 cryptocurrencies. At the same time, the altcoin market saw a meme token named Dogeelon Mars, whose goal is to go to mars. No one knew that these memes would disappear from the market as cryptocurrencies pushed their peak prices in November.
Meme token bubble burst
In 2021 there were a total of 52 cryptocurrencies with the words “elon”, “musk”, “tesla” or “floki” in their names. While the market value of meme tokens dropped during the bear market, the number of such cryptos actually increased by 50% during this period. For example, a cryptocurrency called ‘Elon Buys Twitter’ (EBT) surged 5,000% in just one hour after news spread that Musk would buy Twitter.
Now including Shiba Inu and Dogecoin, Dogelon Mars, Flokinomics, Floki Inu, Elon Sperm, AstroElon and all meme tokens are in decline. However, as Cryptokoin.com quoted in this article, Elon Musk recently announced that Tesla will accept DOGE and SpaceX will soon accept it. Although not as much as before, it was enough to ignite the Dogecoin price.
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