Elon Musk has once again stirred the crypto market by changing his name to "Harry Bōlz," leading to a significant price surge in the HARRYBOLZ meme token.
Market Reaction to Musk's New Name
Elon Musk's name change to ‘Harry Bōlz’ caused a 120% price surge in the previously obscure meme token HARRYBOLZ on the Solana blockchain. The token, previously little known, hit a 24-hour trading volume of over $5.9 million, with market capitalization jumping to $17.35 million. While it peaked at $0.025, it has since fallen to $0.009839, still 19.4% up from the previous day.
Impact on Investors and Traders
Blockchain tracking service Lookonchain reported that a well-known crypto wallet under the nickname ‘LeBron’ made a million-dollar profit by investing in HARRYBOLZ before Musk’s name change. Lookonchain detailed that the investor bought into the token with 25 $SOL and sold part for 3,649 $SOL four days later, leaving some tokens valued at $277K.
Emergence of New Meme Coins
Following Musk's name change, a new meme coin named HarryBōlz launched on Pump.fun. Within the first two minutes of its launch, the token surged by 500%, eventually reaching 17,000% gains before a 91% correction followed.
These events highlight how major figures can unpredictably influence markets and the rapid price swings in the world of cryptocurrencies.
