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Elon Musk Changes Profile Name to Harry Bolz, Sparks 127% Surge in HARRYBOLZ Token
A simple change in Musk's profile name on X more than doubled the illiquid token's price.
What to know:
While major cryptocurrencies like bitcoin (BTC) and ether (ETH) are evolving into institutional-led macro assets, smaller and lesser-known coins remain as unpredictable as ever, rallying on random factors completely disconnected from the broader market.
For instance, after billionaire entrepreneur and Tesla CEO Elon Musk changed his account name on X to Harry Bōlz on Tuesday, the price of the illiquid HARRYBOLZ token surged 127% against SOL, according to data source Gecko Terminal. The token has a 24-hour trading volume of just over $4 million and a market capitalization of $17.35 million.
"After @elonmusk changed his profile name to Harry Bōlz, the price of $HARRYBOLZ surged to $0.025," blockchain sleuth Lookonchain said on X, noting how a wallet named "LeBron" made $1 million trading the little-known token.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
