Story at a glance
- STOPELON, a new cryptocurrency, was created as a means of stopping Elon Musk from influencing the volatile crypto market.
- This follows his recent comments on Bitcoin and Dogecoin, which dramatically altered the value of both currency stocks.
- STOPELON is a symbol of cryptocurrency investor backlash against Musk’s strong market influence.
Following the recent dust-up between Tesla and SpaceX CEO Elon Musk and Bitcoin following Musk’s decision to suspend purchase with the cryptocurrency — which prompted mass selloffs of Bitcoin holdings — a new cryptocurrency has emerged that aims to halt Musk’s manipulation of Bitcoin stock.
Aptly named STOPELON, the currency was created solely to prevent Musk from wielding influence over the cryptocurrency’s value. It follows Dogecoin’s recent balloon in value after Musk tweeted positive reviews of the cryptocurrency, which now trades at $0.487 per share — up by 1.5 percent over the last week.
STOPELON looks to prevent this from happening again.
“Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account,” the founding community writes. “He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON.”
STOPELON has a buy/sell cap of 1 billion coins.
While the cryptocurrency is not making sizable market moves, it represents a larger public disapproval of Musk’s comments and influence moving the already volatile cryptocurrency markets. Tesla stock itself fell over the weekend following Musk’s support of Dogecoin.
Working with Doge devs to improve system transaction efficiency. Potentially promising.— Elon Musk (@elonmusk) May 13, 2021
Thanks to its relative surge in value, cryptocurrency trading platform Coinbase reportedly confirmed it would work to list Dogecoin within the next six to eight weeks.
In a more conservative turn, Musk recently retweeted an interview with TMZ where he advised caution in investing in cryptocurrencies.
“Cryptocurrency is promising, but please invest with caution!” he wrote.