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In the cryptocurrency sphere, not everyone is very fond of Elon Musk. Some days, he is the Messiah who drives their Bitcoin and Dogecoin to the top, and the very next day, he talks about climate change and shares a chart of Bitcoin mining's impact on the environmental issues, which eventually plummets the value. Henceforth, critics of Elon Musk have taken a trailblazing initiative to unravel a cryptocurrency that doesn't depend on his statements or views. StopElon, a cryptocurrency created on the blockchain Binance Smart is experiencing a price shot up recently.
StopElon is an innovative cryptocurrency created to protest against Elon Musk and his statements that manipulate the digital currency sphere. In the past weeks, Bitcoin prices plunged to over 15%, thanks to Elon Musk's decision to not accept the cryptocurrency at Tesla. If we go back in time, Musk was very vocal about Bitcoin and boosted the digital currency's price drastically over the past few months. He was the one who initiated the sale of Tesla cars for Bitcoin exchange. Unfortunately, he went back to his own words and caused Mayhem for the crypto investors. Some crypto enthusiasts are also unhappy about how Musk can bloat the coin price based on his opinion, but not anymore. Therefore, the crypto community has gathered and made an effort to unleash 'StopElon,' a digital coin that is not influenced or affected by Musk's opinion. But why now, of all times? We explain.
The volatility of cryptocurrency intensifies with Musk: Elon Musk is no stranger to both the digital and the financial domains. He has experience working in financial institutions and became a technology entrepreneur, leading the top-notch tech plus automotive and space companies like Tesla and SpaceX. What crypto investors love and hate about Musk is his surprise opinion on cryptocurrencies. At the beginning of the month, when Musk announced that he'll talk about Dogecoin in SNL (Saturday Night Live), without any boost, the digital currency prices skyrocketed. On May 7, when he actually appeared on the show, he made jokes about the Dogecoin and downgraded Bitcoin.
Crypto enthusiasts see 'StopElon' as a movement: Unlike many cryptocurrencies, StopElon is not just here to make money and increase investors. Crypto enthusiasts believe the digital currency is a shield that could protect investors from Musk's manipulation. StopElon founders did not want the cryptocurrency investors to think 'Elon did it again,' whether it is boosting the price or pushing it through the gutters.
StopElon hit the market recently. But over the past week, the cryptocurrency is experiencing an unprecedented value spike. The prices have shot up through the roof just in a day, from US$0.0000019 to US$0.00009450, a jump of 4874% in 24 hours. According to chart site Poocoin, the market capitalization of StopElon is nearly US$30 million now. The total StopElon supply saw 50% of coins made available for purchase and 40% already burned and removed from circulation, with 5% each from the developers' wallet and marketing. In the official site of StopElon, it reads, "A community created to destroy the biggest market manipulator of them all." The site further condemns Musk's views and lies on cryptocurrencies and adds, "Hence, we create $STOPELON. Where we get rich, without anyone controlling our fate except ourselves."
Crypto investors can buy StopElon on PancakeSwap via the TrustWallet app. PancakeSwap is a popular online platform where users can buy meme coins like Shiba Inu and SafeMoon. PancakeSwap has recently added StopElon to its list of available cryptocurrencies. The platform uses an automated market maker (AMM) model. That means, while users trade digital assets on the platform, there isn't an order book where they are matched with someone else. Instead, the users trade against a liquidity pool that is filled with other users' funds. Initially, you'll have to purchase Binance Coin in the platform and then swap it with StopElon.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
