The crypto world has a new member. This new member hates Tesla founder Elon Musk. $STOPELON, a new cryptocurrency has emerged this week whose prices have shot through the roof in just a day - from $0.0000019 to $0.00009450, a jump of 4874 per cent in 24 hours.
The currency, being created on the blockchain Binance Smart Chain, is currently trading at around 0.00005600 with a market capitalisation of nearly $30 million, according to chart site Poocoin.
"This is another meme coin created by some random traders. It serves no purpose. It has become a fashion to hate Musk after his series of irresponsible tweets on cryptocurrency. He has lost credibility. There are people who want to express dissent while making money, and they are doing so. This bizarre coin is being actively traded," says a cryptocurrency enthusiast working in the field of decentralised finance.
Notably, cryptocurrencies across the board from bitcoin, ethereum to dogecoins tanked massively in last couple of days after Elon Musk tweeted that Tesla will not accept Bitcoin for transactions. His tweets have often caused huge rally and sharp decline in crypto assets.
It is in this backdrop that a set of crypto traders has launched $STOPELON, whose prices they claim will not be controlled by Musk's tweets. They call themselves 'a community created to destroy the biggest market manipulator of them all'.
"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.
"He's toying with people's portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON. Where we get rich, without anyone controlling our fate except ourselves.
All you have to do is BUY and HODL (sic)," it adds.
Currently, $STOPELON is not available on major exchanges. One can buy it by downloading Trust Wallet on one's phone or any other app that is compatible with SWAP platform PancakeSwap.
"Today the crypto community is witnessing a new trend with everyone wanting to hop on the bandwagon and become early backers before a cryptocurrency picks up. Until now, the digital currency market and top trading cryptocurrencies that produced significant results for early investors were founded on essential crypto fundamentals. However, today influence has become the driving force. We don't really see any use cases with the new and upcoming crypto as they are purely trading coins. Even with StopElon coin, there is no fundamental backing and it is a community, which has come together to drive the price of the coin," says Monark Modi, Bitex, Founder and CEO.
"Considering the repeated cycles of volatility, we advise investors not to base their investment strategy on the trending pattern of entering the crypto space when prices dip and exiting when they balloon. Instead, they should set in place a systematic investment plan using their own views and evaluating their risk-taking capabilities," he adds.
Note that cryptocurrencies are a speculative trade until no regulations are framed around it. If you have to invest in it, do it with the surplus money that you won't regret losing.
""Crypto assets like bitcoin and etheruem were due for a correction. Coupled with global events like Elon Musk's comments and China imposing a ban on crypto-related transactions, we saw a significant correction in the prices. Market volatility is a feature of any traded asset, and that's how we should look at this event. We have always advised considering Bitcoin from a long-term investment perspective. Even today, Bitcoin is still up 30 per cent on a year-to-date basis. Our outlook for Bitcoin remains positive, and we expect a positive up-move in the market in the days to come," says Ramalingam Subramanian, Head of Brand and Communication at CoinDCX.
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