- Hundreds of new meme tokens with names tied to Elon Musk and his companies emerged after his controversial statements this week. Tokens like GFY and TRUCK proliferated following Musk’s insult and Cybertruck debut.
- GFY tokens spread rapidly after Musk used the insult “go f— yourself” in an interview. The largest GFY token reached a $25 million market cap and $19 million in 24hr volume.
- Meme coins related to viral trends and celebrities remain hugely popular for crypto trading despite their risk. Traders seek big returns from the highly volatile meme coins even in bear markets.
Elon Musk’s controversial statements this week have inspired a new wave of meme tokens bearing names tied to the tech mogul’s companies and products. Hundreds of tokens with names like GFY, TRUCK, and GROK have appeared across networks like Ethereum, Solana, and BNB Chain.
GFY Tokens Proliferate After Musk Insult
GFY, short for “go f— yourself,” proliferated after Musk used the insult in an interview with advertisers leaving Twitter. More than 250 GFY tokens have been issued, with market caps ranging from $15,000 to over $25 million. The largest GFY token has attracted $19 million in 24 hour trading volume. These tokens are easy and inexpensive to create on platforms like Ethereum.
TRUCK Tokens Nod to Tesla Cybertruck
Scores of TRUCK tokens also emerged, an apparent reference to Musk’s electric car company Tesla debuting its new Cybertruck this week. These tokens join the ranks of other crypto assets named after Musk’s companies and products.
Are Meme Coins Here to Stay?
Meme coins related to viral trends, celebrities, and companies are hugely popular in crypto trading. “Meme coins are huge parts of the crypto trading landscape, whether we like it or not,” said James Wo, founder of crypto fund DFG. While major cryptocurrencies see low volatility, traders seek big returns from highly volatile meme coins. Even in bear markets, some meme coins see large price swings. Though risky, the potential upside is massive.