Elon Musk changes name again, coin loses 97% of value after increasing 600 times

Billionaire Elon Musk. Photo: Metro .

After a few hours of using the name Harry Bolz, Elon Musk returned to his real name on X. The billionaire's small action also caused the coin to lose almost all of its value.

Specifically, the memecoin Harry Bolz appeared on Pumpfun on February 7, increasing more than 600 times when the owner of social network X changed his account name to a similar phrase. It is unclear what the SpaceX founder's action meant. However, as one of the most influential people in the cryptocurrency world, this still created a wave of FOMO (fear of missing out) in the investor community.

In addition to the Harry Bolz coin mentioned above, dozens of other “junk” tokens were also created to capitalize on the event. But when the owner of social network X changed its name back, most of them lost all value.

Specifically, the first Harry Bolz coin, launched on February 7, benefited the most when it reached 0.025 USD /coin, with a project capitalization of more than 20 million USD . It collapsed to 0.002 USD /coin, equivalent to a 92% decrease just minutes after Elon Musk deleted the old name. Currently, Bolz is trading around 0.0008 USD /coin, with a capitalization of about 1 million USD , and 97% of its value has "evaporated".

Memecoin Bolz price fluctuates dramatically as Elon Musk changes its name twice. Photo: TradingView.

This is a clear example of the “wildness” of the cryptocurrency market, when many coins/tokens fluctuate strongly in price according to trends on the Internet or popular emotions. Therefore, they pose many risks when players participate.

In fact, HarryBolz is listed on Pumpfun, a platform that helps newbies create cryptocurrencies. Most of the tokens here are “junk”, famous for many pump and dump incidents in the past. These types of cryptocurrencies are easily manipulated, when the original creator can hold a large amount of tokens.

This is not the first time such an event has occurred. On December 31, 2024, Elon Musk changed his profile picture to a famous cartoon character dressed in ancient Roman clothing, holding a video game controller. At the same time, he changed his name to Kekius Maximus.

The cryptocurrency Kekius immediately increased in value 40 times. But when the account was returned to Elon Musk, it lost 75% of its value. Currently, the cryptocurrency is trading at the same price as it was before December 31, 2024.