Harry Bolz crypto mania after Musk's X profile name change has left latecomers with massive losses as tokens declined nearly 100%...
Here’s how crypto degens capitalized on Elon Musk’s X profile name changes for ‘pump and dump’ schemesSeveral memecoins inspired by Elon Musk’s recent X profile name, Harry Bolz, declined after he removed the username.
In fact, one of the most liquid HARRYBOLZ tokens was created just five days ago. At the time of writing, it was down 57% in the last 24 hours.Another similar token, created a day ago, was down nearly 100% at press time. All these were tokens created on Solana and traded through Raydium DEX.Other tokens bearing the name on BNB Chain initially pumped by +300% and +5M%. However, they were steeply declining at press time.
His recent profile name change was a play with ‘Bolz, ‘ likely referring to the ‘Big Ballz’, a nickname for one of his DOGE employees who went viral last week. The ‘Harry Bolz’ username was a normal, satirical move that Musk used to target the alleged judge who blocked recent DOGE and President Trump’s efforts to trim federal waste.In each case, memecoin speculators were always quick to create a token similar to the new Musk profile name and mint millions.
Unfortunately, it always ends the same way for these kinds of memecoins. They dump by nearly 100% in less than 24 hours after their creation as early traders book profits. And the latecomers to the craze always suffer the most.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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