Elon Musk continues to demonstrate its strong influence within the cryptocurrency market, even when it is not talking or doing something serious. In a recent joke where he changed his username to “Lord Edge” on Twitter, Tesla’s CEO influenced a number of developers to try to create a new cryptocurrency meme.
After the game, it was possible to notice a “wave” of new cryptocurrencies that had names or tickers inspired by the words “Lord Edge”. The projects, of course, began to be publicized by users on Twitter and several other places.
In just a few hours after the name change (which was soon changed again), more than 60 “Lord Edge” tokens appeared out of nowhere on different platforms, mostly on PancakeSwap. Among the coins created, we have names like Lord Edge, LordEdge, Lord Edge Token and many others, as pointed out by ListingSpy.
“What did you do, Elon Musk? More than 60 Lord Edge tokens have been released on Pancake Swap in the past few hours.”
— ListingSpy – new token listings aggregator (@ListingSpy) November 8, 2021
The problem with Elon Musk is that lately the cryptmarket has been paying a lot of attention to what he does (which he probably really likes). Trying to replicate what happened with Dogecoin or with the Shiba token, many keep an eye on every tweet, every little joke or comment he makes to invest in some cryptocurrency associated with his behavior, if the currency doesn’t exist, someone create, as we just saw it happen.
And that’s because it’s something that ends up working. In addition to having created more than 60 tokens in a few hours, some of them have had considerable increases in the last 24, mainly because of the low transaction volume, which inflates prices even more.
In the end, all these tokens end up being an attempt at carpet pulling or simple pump and dump schemes, it’s a big lottery. This demonstrates that, even at 10 years of age, the cryptomarket still has a long way to go to reach maturity.