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Billionaire Elon Musk briefly changed his name on X has sent memecoin prices soaring only to come crashing down as fast.
According to reports, this time, the Tesla CEO changed his profile name to “Harry Bōlz,” sparking a surge in Solana-based tokens using the name. However, their prices plummeted shortly after.
Is Elon Musk Name a Traders’ Game?
Over the years, Musk’s social media antics have repeatedly influenced the crypto market, and this was no exception.
For example, the HARRYBOLZ token, which had existed since Feb. 7, dramatically increased in value after Musk adopted the name. It reached a peak price of $0.025, which gave it a market cap of around $25 million.
However, as soon as Musk switched back to his real name, the token nosedived by 97%, crashing to just $0.0008.
Meanwhile, the token generated nearly $100 million in 24-hour trading volume during the hype, according to DEX Screener. Some traders cashed out massive profits, while late buyers suffered heavy losses.
Big Winners, Bigger Losers
Interestingly, among those who capitalized on the frenzy was a protocol known as “LeBron.” Based on a blockchain analytics platform, Lookonchain. This trader has a history of making huge profits from political memecoins, having previously made millions from TRUMP and MELANIA tokens.
This time, they spent 25 SOL ($4,900) on 128.8 million HARRYBOLZ tokens at launch. Fortunately for the wallet, by Tuesday, they had sold 109.9 million for a staggering 3,649 SOL ($737,000).
Meanwhile, another HARRYBOLZ token, created right after Musk’s name change, skyrocketed to an $8.4 million market cap before collapsing over 99% to just $75,000. The top trader of that token made only about $10,000 in profits, which is little compared to previous Musk-related pumps.
More Than Just a Joke?
It is worth stating that this is not the billionaire’s first time using “Harry Bōlz.” He previously did so in April 2023, seemingly to get media outlets to print the name, which is slang for “hairy balls.”
However, beyond the humor, some believe this latest brief name was a show of support for Edward Coristine, a Musk-linked government staffer nicknamed “big balls.”
Coristine’s recent appointment to the U.S. State Department’s Bureau of Diplomatic Technology has caused controversy. Critics question his credentials and Musk’s growing influence in government affairs.
As expected, the internet ran with the joke. Polymarket, a decentralized predictions platform, claimed that “Harry Bōlz” had a 94% chance of beating Alexandria Ocasio-Cortez in a fictional 2040 presidential election.
Last week, the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) filed a lawsuit against the U.S. Treasury and Secretary Scott Bessent in a federal court in Washington, D.C.
The lawsuit accuses the Treasury of illegally granting Elon Musk’s Department of Government Efficiency (DOGE) access to sensitive information.
