Elon Musk surprised users once again by changing his username on X to 'Harry Bolz'. This led to a flurry of memecoins being launched on the Solana blockchain.
Name Change and Its Implications
On Tuesday, users observed that Elon Musk had changed his name on the X platform to 'Harry Bolz', a name suggestively referring to 'hairy balls'. This is not the first time Musk has adopted this name on X; he did the same in 2023.
Memecoin Boom on Solana
Following the name change to 'Harry Bolz', a memecoin with the same name was launched on Pump.Fun, increasing its value by 17,000% within 30 minutes with a market cap of $3.68 million. Over 200 memecoins with this name were swiftly launched on Solana. However, none of these projects received official endorsement from Musk.
Risks and Warnings
Despite the activity in the memecoin market, it is important to note that Elon Musk has not been linked to these projects, nor has he explained the reason for the name change. Memecoins often lack utility value and rely on market hype.
Elon Musk's name change on X has once again drawn attention to the memecoin world, but users should be cautious due to the speculative nature of these assets.
