Musk renames Twitter, and a cryptocurrency with the same name quickly emerges, skyrocketing 800% in 6 hours

Author: Jin Youzhi, China Fund Reporter

Recently, the news in the cryptocurrency field has become increasingly surreal, and minting seems to be getting more "casual." After Squid Coin scammed many people, another cryptocurrency has emerged to ride the wave.

On Sunday, the world's richest man, Elon Musk, changed his Twitter name to "Lorde Edge," and a cryptocurrency of the same name was quickly launched, skyrocketing 843% just six hours after trading began, before plummeting 80%.

Dogecoin also jumped on this trend, with its price briefly rising to $0.29.

Musk Changes Twitter Name to Lorde Edge

Cryptocurrency of the Same Name Quickly Emerges

On Sunday, Eastern Time, Tesla CEO Elon Musk temporarily changed his Twitter name to "Lorde Edge."

This name was quickly exploited, and a cryptocurrency named "Lorde Edge" was rapidly created, officially starting trading last night Beijing time.

However, some believe that this new name has little to do with the cryptocurrency. According to Merriam-Webster, some Twitter users suggested that Musk's new name might refer to "edge lord," an internet slang term for someone who craves attention or behaves boldly or unconventionally.

Although there is no indication that Musk is personally associated with this digital currency, the price of this cryptocurrency was rapidly driven up.

Notably, this newly launched cryptocurrency has a small market cap, making it susceptible to extreme price fluctuations.

Price Soars 842% in 6 Hours

Then Quickly Plummets Nearly 80%

According to CoinMarketCap data, around 6:48 PM Beijing time on November 8, the cryptocurrency named Loder Edge officially began trading at a price of approximately 0.000020 RMB.

Last night, the cryptocurrency surged. Early this morning, around 12:48 AM, its price briefly reached 0.0001884 RMB, marking an 842% increase compared to its initial trading price.

This means that in about six hours, this cryptocurrency increased more than eightfold.

However, the surge could not be sustained. Early this morning, after reaching a daily high, the cryptocurrency plummeted. Around 1:53 AM on the 9th, it quickly fell to 0.00004382 RMB, a drop of 76.74% from its daily high.

By around 10:30 AM today, the cryptocurrency had dropped again to 0.00003889 RMB, down 79.35% from its daily peak.

Dogecoin Also Rides the Trend

Briefly Surges Over 9%

Musk did not explain the reason for the brief name change on Twitter, leading to various speculations in the market.

The founder of Dogecoin stated on Twitter that "Lorde edge" is an anagram of "elder doge" (words with the same letters but in a different order).

The Dogecoin founder also pointed out that it does not necessarily mean Musk intentionally changed his name to this, but "lorde edge" is indeed an anagram of "elder doge."

In the comments on the Dogecoin founder's tweet, many believe Musk is subtly referencing Dogecoin, and some netizens are hopeful for a surge in Dogecoin's price as a result.

Dogecoin successfully rode the trend, briefly surpassing $0.29 Beijing time yesterday, an increase of over 9% compared to the closing price of $0.2653 on the 7th.

Musk has repeatedly expressed support for the development of Dogecoin. Today, Dogecoin announced the release of Dogecoin Core 1.14.5 upgrade. Following the reduction of relay fees in 1.14.4, 1.14.5 has lowered recommended fees and includes bug fixes and performance improvements.

In response, Tesla CEO and the world's richest man Elon Musk retweeted and commented, "This is important."

In October, Musk tweeted that he plans to build a university in Texas called Texas Tech University.

He also mentioned in a reply that tuition at the university would accept Dogecoin as payment and added that dog owners could enjoy discounts.

Low Market Cap Cryptocurrencies Are Prone to Volatility

Investors Need to Be Aware of Risks

Like small-cap stocks, cryptocurrencies with smaller market caps face issues related to liquidity and price volatility. Investors should be cautious not to be blinded by high returns, as cases of cryptocurrencies soaring and then quickly plummeting are common.

On October 26, the cryptocurrency named after the popular Netflix series "Squid Game," Squid Coin (SQUID), officially began trading. This cryptocurrency was issued at a price of $0.01 and surged to $2856.64 on November 1. However, after reaching its peak, it quickly plummeted to just $0.0008 within minutes, nearly wiping out its value. Data shows that when Squid Coin crashed, there were over 46,000 holders of the currency.

The website CoinMarketCap also warned that the project was not officially launched by Netflix, but merely used the same name.

The cryptocurrency named after Tesla CEO Musk, "Dogelon Mars," also experienced significant price volatility.

In the early hours of October 31, the price of this cryptocurrency briefly rose to 0.00001653 RMB, increasing over 333% within 24 hours. However, on November 5, the price dropped to 0.00000568 RMB, a decline of over 65%.