Without any subtlety in its name, a new cryptocurrency has joined the digital market, and it's called $STOPELON. Any guesses what its motivations are?
The new cryptocurrency is a direct revolt against Elon Musk's influential power on the digital currency market — via social media, no less.
The Tesla and SpaceX CEO's Twitter posts have previously sent Bitcoin sky-rocketing one week after announcing Tesla would accept the cryptocurreny as payment, only to fall staggeringly low soon after another comment on Musk's part said Tesla would suspend those types of payments. And these are just two examples of the man's power.
This volatility created by just one person is what $STOPELON's creators are fighting against. They're sick of it, as many in the market are too, so they're taking a stance.
In the new cryptocurrency's creators' words, "Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account."
So, as their website states, they decided to create "a community [...] to destroy the biggest market manipulator of them all."
Well, their motivation is certainly clear enough.
Our first giveaway is here!— STOPELON (@STOPELON_BSC) May 19, 2021
500,000 $STOPELON will be given away in 1 Hour!
You must be following us on twitter, like, comment, and retweet this post. Winner will be announced on twitter and telegram in 1 hour! GO!!!!!!!!!!!!!!!!!!!!!! pic.twitter.com/PjjK5wYfxy
In just the last 24 hours, $STOPELON tokens' value has gone up from $0.0000019 to $0.00003679, reports TomsGuide. It still has a way to go before it gathers any real traction, but the sentiment might grow amongst other cryptocurrency fans who are exasperated of the current huge volatility of the digital market, which has largely been dictated by Musk's comments.
Musk's Twitter posts have always garnered masses of attention, and he's not known for being shy on the social media platform either. In other cryptocurrency relations, Musk has also played a big part in boosting Dogecoin, stating its mining impact is much less harsh on our environment.
Latterly, Musk has changed his stance on Bitcoin, which emits the highest CO2 of all cryptocurrencies through its mining strategies, and pursued the more eco-friendly Dogecoin. Instead of Bitcoin, Tesla might soon accept Dogecoin as payment for its EVs, as well as paying for a SpaceX lunar mission in 2022.
Enough influence is enough, say $STOPELON creators, so let's see how the new cryptocurrency fares on the market. And if that's still not enough to curb your spite against Musk's influence, there's always the other new digital currency that goes by the absolutely unsubtle name of $F***ELON, as Newsweek reports.