Michaela
Elon Musk, owner and executive chairman of X, changed his display name to Harry Bōlz on Tuesday, triggering a surge in Solana-based meme coins bearing the same name.
Blockchain analytics firm Lookonchain reported on X that the price of $HARRYBOLZ surged to $0.025.
According to reports, the illiquid HARRYBOLZ token saw a sharp 127% surge against SOL following Musk’s name change. However, CoinMarketCap data shows that the token has since dropped 89.59% at the time of writing.
A fortunate investor who purchased $1,900 worth of the token on its launch day capitalized on the recent surge, selling their holdings for a profit of $343,800. Similarly, another trader who invested $156 within the first two days of the token’s release saw their investment grow significantly, ultimately securing $52,000 in gains.
The billionaire has not provided an explanation for his name change on X. However, he appeared to endorse a post from an X user suggesting that the move was a deliberate attempt to provoke major news outlets like CNN and MSNBC into saying his username on live television, implying it was meant as a joke.
This is not the first time Musk has used the name. In April 2023, he initially changed his display name to Harry Bōlz, sparking similar reactions online.
Musk’s latest name change may be linked to Edward Coristine, a known supporter often referred to as “Big Balls.” Coristine has held advisory roles at both the State Department and the Department of Homeland Security. He previously worked at Musk’s Neuralink startup and is currently involved with the Department of Government Efficiency (DOGE).
At the time of writing, Musk has returned to his original display name on X.
Musk: Midas of Meme Coins?
A second token, also named Harry Bōlz (HARRYBOLZ), emerged and currently holds a market capitalization of nearly $3 million. Unlike the initial token, this one has had a shorter lifespan and a more modest price increase, resulting in fewer substantial gains. The most profitable trader so far has secured $6,179 in earnings from an initial investment of $14,400.
Musk’s latest name change on X is not the first time his alterations have triggered a surge in meme coin activity. Similar incidents in the past have led to the rapid creation and price spikes of tokens capitalizing on his updates.
In early January, Musk changed his display name to “Kekius Maximus,” drawing significant attention and driving a surge of interest in the meme coin KEKIUS.
The meme coin saw an unprecedented surge, soaring 1,500% in just 24 hours. According to CoinGecko, the token briefly reached a high of $0.17, pushing its market capitalization beyond $170 million at its peak.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
