Musk renamed on Twitter

Recently, news in the field of cryptocurrency has become more and more magical, and coinage seems to be more and more “random”. Squidcoin has just pitted a lot of people, and another cryptocurrency that has become popular has been born.

On Sunday, the world’s richest man Musk changed his Twitter name to “Lorde Edge”, and the cryptocurrency of the same name was released quickly. It skyrocketed 843% after only 6 hours of trading, and then plummeted by 80%.

Dogecoin also caught up to this hot spot, and the price once rose to $0.29.

Musk renamed Lorde Edge on Twitter

The cryptocurrency of the same name was born quickly

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

Musk renamed on Twitter

This name was quickly used by people, and the cryptocurrency named “Lorde Edge” was born quickly and officially started trading last night, Beijing time.

But some people think that this new name has nothing to do with cryptocurrency. According to the Webster’s Dictionary, some Twitter users said that Musk’s new name may refer to “edge lord,” an Internet slang term referring to a person who desires attention, or a person who behaves in behavior. Bold or unconventional people.

Although there is no indication that Musk himself has any connection with this digital currency, the price of this encrypted currency has been pushed up quickly.

It is worth noting that the market value of this newly born cryptocurrency is still very small, so it is easy to skyrocket and plummet.

6 hours skyrocketing 842%

Then it quickly plummeted by nearly 80%

According to coinmarketcap data, at around 6:48 pm on Sunday, November 8th, Beijing time, the cryptocurrency named Loder Edge officially began trading, and the price was around RMB 0.000020 at that time.

Last night, the cryptocurrency skyrocketed. In the early hours of this morning, at about 0:48, the price of this cryptocurrency once touched RMB 0.0001884, a sharp increase of 842% compared to when the transaction started.

This means that in about 6 hours, this cryptocurrency has skyrocketed by more than 8 times.

Musk renamed on Twitter

However, the rising trend of this cryptocurrency could not be maintained. In the early hours of this morning, the cryptocurrency plummeted after hitting an intraday high. At around 1:53 on the 9th, this cryptocurrency quickly fell to 0.00004382 yuan, a 76.74% drop compared to the intraday high.

At around 10:30 this morning, this cryptocurrency fell to RMB 0.00003889, a plunge of 79.35% from the intraday high.

Dogecoin is also hitting hot spots

Once soaring over 9%

Musk did not explain the reason for the short name change of Twitter, and there are many kinds of speculation on the market.

The founder of Dogecoin stated on Twitter that “Lorde edge” is an anagram of “elder dog e” (that is, words with the same letter but different alphabetical order).

Musk renamed on Twitter

The founder of Dogecoin also pointed out that it is not surprising that Musk deliberately changed his name to this, but “lorde edge” is indeed an anagram of “elder doge”.

Musk renamed on Twitter

In the comments made by the founder of Dogecoin on this Twitter, many believe that Musk is naming Dogecoin in an obscure place, and some netizens expect Dogecoin to rise accordingly.

Musk renamed on Twitter

Musk renamed on Twitter

Dogecoin also succeeded in catching up with the hot spot. Beijing time once rose above $0.29 yesterday, which is an increase of over 9% compared with the closing price of 0.2653 on the 7th.

Musk renamed on Twitter

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

In this regard, Tesla CEO and the world’s richest man Elon Musk reposted and commented on Twitter: “This is important.”

Musk renamed on Twitter

In October, Musk also tweeted that he planned to build a university in Texas called Texas Institute of Technology.

He also stated in a reply that the university’s tuition fees will be paid in Dogecoin, adding that if you are a dog owner, you can also get a discount.

Small market capitalization cryptocurrencies are prone to skyrocketing and plummeting

Investors need to be aware of risks

Like stocks with small market capitalizations, cryptocurrencies with small market capitalizations will also face liquidity, price volatility and other issues. Investors must remember not to be dazzled by high yields, because cryptocurrencies often plummet rapidly after they skyrocket.

On October 26, the Squid Coin (SQUID) named after the Netflix hot drama “Squid Game” officially began trading. The cryptocurrency was issued at a price of $0.01, and the price soared to $2,856.64 on November 1. But after the price peaked, it quickly plummeted to only $0.0008 within a few minutes, and the value was almost zero. Data shows that when the squid coin plummeted, the currency holders exceeded 46,000.

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

Tesla CEO Musk named encryption currency ” dog Andy Herron Mars coins” (Dogelon Mars), the price also rises and falls.

In the early morning of October 31, the price of the cryptocurrency once rose to 0.00001653 yuan, an increase of more than 333% within 24 hours. But on November 5, the cryptocurrency price fell to 0.00000568 yuan, a drop of more than 65%.

Musk renamed on Twitter

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/musk-renamed-on-twitter/
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