Tech billionaire Elon Musk bought the microblogging website Twitter for a whopping $44 billion last night, but his favourite cryptocurrency Dogecoin was not the token most benefited from this news.
A cryptocurrency token ELON BUYS TWITTER, which is being traded on decentralised exchanges, rallied over 10,500 per cent in the last 24 hours after the news of the billionaire's takeover of the micro-blogging site hit the stands.
As per data from CoinMarketCap, the cryptocurrency token ELON BUYS TWITTER reached $ 0.000009443 and was up 10,524 per cent up, at its peak in the last 24 hours.
As per data from CoinMarketCap, the token was created on April 21 and is being traded on decentralised exchanges like PancakeSwap and OpenOcean.
ELON BUYS TWITTER was trading up 4589.35 per cent at $ 0.000004094 as of 9:35 am IST on Tuesday as per data from CoinMarketCap.
The creators of the token claim that the ELON BUYS TWITTER aims at giving “meme creators a chance to earn and allow them to gain a stipulated revenue on for their work.”
The token positions itself as means of providing financial independence to meme creators. “ELON BUYS TWITTER will help such aspiring meme creators showcase their talent to the world and add some monetary benefits to their pockets.”
But it is interesting to note that the creators do not clarify how they would go about doing that.
Moreover, experts believe that the token is nothing but an elaborate pump and dump scheme and investors should beware while investing in such meme coins on decentralised exchanges.
Also Read: And it’s done. Elon Musk now owns Twitter.
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