Crypto enthusiasts now hate Elon Musk; launch a new cryptocurrency called StopElon
- Enthusiasts are now looking for a
new cryptocurrencythat does not depend on Musk's "mood."
- Crypto enthusiasts consider StopElon to be a movement: a shield from Musk's alleged manipulation.
- The most recent dip in bitcoin's value was recorded to be more than 40% in just a few minutes.
Enthusiasts are now looking for a new
Musk's tweets have historically boosted the value of cryptocurrency, and he was regarded as a meme lord who'd change the world's financial system. He's the man behind PayPal, so it's safe to assume his understanding of the conventional system and futuristic blockchain is top-notch. However, he has taken a step back in the last two weeks as Tesla suddenly announced it'll stop accepting Bitcoin payments due to environmental concerns.
Tesla accepting Bitcoin was a monumental milestone, and many hoped it'll act as a precedent to encourage adoption. Musk has also tweeted a lot about Dogecoin, whose valuation was off the roof as everyone bought into the hype. Unfortunately, Musk backtracked his support at the American TV show, Saturday Night Live.
He once even suggested that Tesla had sold, or was weighing selling its substantial stake in Bitcoin, causing yet another precipitously fall.
Crypto enthusiasts consider StopElon to be a movement: a shield from Musk's manipulation. The founders don't want yet another token to fall prey to Musk's tantrums. Crypto traders and investors are frustrated because the volatility is too high, increasing the risk for all parties involved. The most recent dip in Bitcoin's value was recorded to be more than 40% in just a few minutes. Viral meme crypto Dogecoin has also corrected massively, and millions of investors are now in a tight spot.
On the official site of StopElon, it reads, "A community created to destroy the biggest market manipulator of them all. He's toying with people's portfolio like candy, like the narcissistic billionaire he is and always will be."
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