By
Chimamanda U. Martha
May 6th, 2024
The unrelenting stance of Elon to showcase Bitcoin’s energy inefficiency and the resultant impact on the global crypto industry is why a number of tokens showing the protest were launched.
In a bid to protest against the growing influence and perceived crypto manipulation tactics of Elon Musk, the Chief Executive Officer of Tesla Inc (NASDAQ: TSLA) and founder of SpaceX, a group of anonymous developers have created a new token, christened FuckElonTweet.
Elon Musk might have gone over the board per his tweets this time around. The Tesla boss began with Dogecoin (DOGE), a Shiba Inu-themed coin created back in 2013. The main connection between Elon and Dogecoin is unknown, however, the support for the coin which was broadly professed through promotive tweets to his over 45 million followers has helped in pumping the price of the asset from a low of $0.002277 to an All-Time High of $0.7376, within the span of one year.
Elon Musk’s Twitter activity has lead to the enrichment of many people through the pump and dumps action of Dogecoin. A former executive of the London arm of Goldman Sachs Group Inc (NYSE: GS), Aziz McMahon, reportedly resigned from his job after making millions in Dogecoin. However, the crypto community is dissatisfied with the negative impacts of his tweets. Back in February, Elon Musk and Tesla registered their foothold in the cryptocurrency industry by investing $1.5 billion in Bitcoin and began accepting the crypto for payments in March.
The firm now took a u-turn from this latter decision, citing Bitcoin’s energy demand. The Billionaire CEO and the firm have received criticisms for this move, a situation Elon Musk has fueled through further tweets that notably spread Fear, Uncertainty, and Doubts (FUD) within the crypto community. This resulted in yet another price correction of the broader market, with Bitcoin dropping to a 30-day low of $42,207.29.
FuckElonTweet Token Is Not the Only One in This Row
The unrelenting stance of Elon to showcase Bitcoin’s energy inefficiency and the resultant impact on the global crypto industry is why a number of tokens showing the protest were launched.
For example, the FuckElon (FELON) token built on the Binance Smart Chain is off to a good start as it quickly recorded a massive embrace from the broader community. According to the project blog post, the team wrote:
“Our fair launch been a success. Launched with an initial liquidity of 42.69 BNB, Telegram group quickly grew up to couple hundred members in a few hours with great activity, liquidity locked, 1k+ holders, $ 1m+ market cap at the ATH.”
The project is said not to be prone to pump and dump as Elon is known for and is on track to enable staking for the FELON tokens, and users will earn an entirely new token, $TSLASUCKS, to complete the protest against Elon Musk and his beloved company Tesla.
Per the project’s roadmap, the TSLASUCKS tokens are due in about 2 weeks time, and prior to that, the team will work on marketing campaigns and listing on Coingecko and Coinmarketcap.