Without any subtlety in its name, a new cryptocurrency has joined the digital market, and it’s called $STOPELON.
The new cryptocurrency represents a direct revolt against Elon Musk’s influential power on the digital currency market.
The Tesla and SpaceX CEO’s Twitter posts have previously sent Bitcoin sky-rocketing one week after announcing Tesla would accept the cryptocurrency as payment, only to fall staggeringly low soon after another comment on Musk’s part said Tesla would suspend those types of payments.
Musk has also played a big part in boosting Dogecoin, stating its mining impact is much less harsh on our environment.
This type of volatility is what $STOPELON’s creators are fighting against.
What the website said
The new cryptocurrency’s creators said on their website, “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account.”
To fight Elon, the new crypto website announced it was giving away 500,000 $STOPELON in 1 hour but to qualify, one had to like, comment, and retweet the post STOPELON (@STOPELON_BSC) on May 19, 2021.
$STOPELON tokens’ value almost instantly went up from $0.0000019 to $0.00003679, reported TomsGuide.
Cryptos down: Investors cry foul
The prices of several cryptocurrencies, which were soaring high in April, have plunged more than 40% in the weeks since Musk said the company would no longer accept bitcoin as payment.
That, along with a series of events including China’s crackdown on cryptocurrency transactions and mining, crashed the prices of several digital tokens further.
“Do not pay attention to Elon Musk’s comments about anything in crypto at least over the longer term,” William Quigley, Managing Director of Magnetic, a cryptocurrency investing firm, said in a recent interview on CNN Business.
Several investors point to Musk’s tweets as a tipping point in bitcoin’s biggest collapse of the year, which was peaking even as late as mid-April at close to $65,000.
“Please don’t pay attention to what Elon Musk says about crypto because he is simply not an expert,” Quigley said, adding that the Tesla chief’s tweets about Dogecoin were irresponsible.
When Musk was asked on Twitter about his thoughts on people who were angry at him for his stance on cryptocurrencies, he replied that “the true battle is between fiat & crypto. On balance, I support the latter.”
Portugal-based Heidi Chakos, who has invested in bitcoin since 2014 and accumulated over 44,000 followers on Twitter in the process, urged people to think for themselves before making decisions in the space.
“Learn to think for yourselves and put your hard-earned money into projects you actually think are deserving instead of investing in projects because a globalist puppet says they like it,” Chakos tweeted.
“I feel bad for anyone who makes investment decisions based on the tweets of someone who is just trying to stay relevant and take advantage of his platform,” she told the Wall Street Journal.
Megan Kaspar, managing director with Magnetic, told CNN Business that retail investors who are trying to make a quick buck from cryptocurrencies may buy Dogecoin “just because Musk is pumping it”.
According to the StopElon site, one can buy StopElon on PancakeSwap via the TrustWallet app. PancakeSwap is one of the most popular ways to purchase up-and-coming meme coins like Shiba Inu and SafeMoon, and StopElon is no different.
To buy StopElon, you’ll need to purchase Binance Coin (BNB). You can either purchase BNB from Binance and send it to TrustWallet, or you can purchase BNB directly on the app.