Cryptocurrency investors create StopElon in an attempt to curb Elon Musk’s influence on the crypto market price.
STOPELON: Meet the cryptocurrency fans who aim to control Tesla
It seems that Elon Musk’s strong influence on cryptocurrency prices has upset many investors.
After announcing that Tesla will no longer accept Bitcoin as a form of payment because of the environment, currencies like Dogecoin, Binance and several others have suffered a general decline. In response, some cryptocurrency fans have moved to come up with a response to the influence of Tesla and SpaceX’s CEO on the quote.
Recently launched, STOPELON emerges as a protest to Musk’s strong influence on the value of cryptocurrencies.
According to StopElon’s official website, the main objective of the new digital asset is to acquire sufficient capital to buy majority shares of Tesla, taking control of the most valuable automaker in the world.
Why Stop Elon Musk?
Currently, the total offer offers 50% of the coins already in circulation and made available for purchase and 40% in “coin burn” for a reduction in supply.
However, according to the website, the cryptocurrency does not intend to “f * ck with a guy like Elon Musk“. Therefore, the purchase / sale limit of the currency is 1,000,000,000.
One of those responsible for the project, identified as Daniel, explained the limit on the number of currencies will prevent a large amount of money from being retained with fees and maximum transaction limits.
Daniel admits that several other factors drive the price of cryptocurrencies, but emphasizes that the billionaire’s attitudes affect an immense number of traders with little command over this modality without worrying about the consequences.
“Elon is an intelligent man, he knows what he is doing and he knows the influence he has in the sphere of cryptocurrency, but he is using it to manipulate the market,” he said.
On the website, it is possible to check the explanation for “stopping Elon Musk”:
The cryptocurrency appeared on the Binance Smart Chain with the same “meme” characteristics as DOGE. Quoted at just $0.0000019, the value of the digital asset jumped to $ 0.00003679 in 24 hours, reaching a market cap above $17 million in just two days.
Elon Musk and the crypto market
Musk’s influence on cryptocurrency prices is not new. Even if his comments have no apparent correlation with digital currencies.
A recent example is the STAR token, which shot 6,000% in less than 24 hours after a Musk tweet about SpaceX facilities.
— Elon Musk (@elonmusk) May 18, 2021
Another example is the tweet that Elon Musk is getting a Shiba Inu. The tweet made the SHIB price rise 107.3% in 24 hours. However, the billionaire is referring to the dog with the same name as the digital currency.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
In addition, it is worth remembering that the billionaire is an outspoken supporter of Dogecoin. In a single comment, the “Dogefather” made the cryptocurrency soar by 75%.
StopElon price
Currently, the cryptocurrency is quoted at $$ 0.000094.
The total supply of STOPELON is $ 1,000,000,000,000. In addition, its market cap is $ 48,767,293.
How to buy STOPELON?
In the image below, it is possible to check the step-by-step to acquire the digital asset:
Should I invest in STOPELON?
Crypto experts say the scheme created by STOPELON’s developers is amazing. Such a claim is due to the fact that, to contain Elon Musk, supporters of the currency intend to save a lot of money and buy everything in Tesla shares.
These professionals explain that, by gathering enough shares to have voting power in the company, the intention is to prevent the automaker from disposing of its Bitcoins. In other words, the cryptocurrency, considered a meme for its audacity, aims to create a group of majority shareholders in Tesla, preventing Musk.
It is worth making it clear that this is not the only cryptocurrency created with the purpose of paralyzing the billionaire’s eventual plans. At least five projects have already emerged for this purpose. Some even considered fraud.
As it is a new cryptocurrency and with a strange purpose, experts warn that investors should be aware.
To attract investors, STOPELON went so far as to say that it is an innovative DeFi. However, in a market with several scams, the “good intention” is not very convincing.
