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 by 843% after only 6 hours of trading, and then plunged by 80%.
Dogecoin also caught up to this hot spot, and the price once rose to $0.29.
Elon Musk renamed Lorde Edge on Twitter
The cryptocurrency of the same name was born quickly
Tesla CEO Elon Musk once changed his Twitter name to “Lorde Edge”.
This name was quickly used by people, and the cryptocurrency named “Lorde Edge” was born quickly and officially started trading last night.
But some people think that this new name has nothing to do with cryptocurrency. According to Webster’s Dictionary, some Twitter users said that Musk’s new name may refer to “edge lord”. This is an Internet slang term referring to a person who desires attention, or a person who behaves boldly or unconventionally.
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%
In about 6 hours, this cryptocurrency has skyrocketed by more than 8 times.
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. Compared with the intraday high, it plunged 76.74%. At around 10:30 this morning, it plunged 79.35% from the intraday high.
Dogecoin also hit the hot spot, 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 said on Twitter that “Lorde edge” is an anagram of “elder doge”.
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”.
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.
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 has repeatedly expressed his 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.”
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 the same name was used.
The price of the cryptocurrency Dogelon Mars, named after Tesla CEO Musk, has skyrocketed.