Elon Musk changed his name to X, triggering an incredible 30.000% surge in the memecoin Harry Bolz (HARRYBOLZ). What's behind this?
Elon Musk has done it again. The tech mogul, known as much for his groundbreaking innovations as his influence on digital markets, has unleashed a new wave of fervor in the cryptocurrency world. This time, the spotlight is on HARRYBOLZ, a memecoin that experienced a meteoric rise after Musk changed his name on Platform X, formerly Twitter, to “Harry Bōlz.”
The impact on the price of the memecoin was immediate and forceful, skyrocketing 30.000% in the last 24 hours.
With this move, Musk is once again demonstrating the power he has to mobilize attention and capital toward digital assets, even those with seemingly modest fundamentals.
The Musk effect drives Harry Bolz
Elon Musk's name change to X was not just a curiosity on social media. Rather, it acted as a catalyst for the price of the HARRYBOLZ memecoin. This meme cryptocurrency, which until then was relatively unknown, captured the attention of thousands of investors, growing exponentially in just a few hours.
As seen in the chart, the price of “Harry Bolz” quickly went from trading at around $0,00014 to over $0,030 following Musk’s name change on the social network.
Source: Geckoterminal
In the past, Musk has used his influence as a “market mover” in the crypto space, being able to generate significant movements with seemingly simple actions. This is not the first time the mogul has used his social platform to influence the cryptocurrency market. Previously, his vocal support for Dogecoin, and even temporarily changing Twitter’s logo to the image of this memecoin, generated strong fluctuations in its value.
These events have led many to question whether Musk is exerting undue influence on the market, or whether he is simply taking advantage of his popularity to promote assets that he finds interesting. Whatever the answer, the fact is that his actions are once again having a real impact on the valuation of cryptocurrencies and the investment decisions of thousands of people.
What is HARRYBOLZ?
Harry Bolz (HARRYBOLZ) is a new memecoin that launched on Solana’s Pump.Fun, a platform that has gained popularity in the memecoin world due to its focus on the quick and easy launch of new tokens. This platform allows users to create and deploy memecoins on the Solana blockchain with relative ease, which has democratized the process of cryptocurrency creation and opened the door to an explosion of new projects, some with solid fundamentals and others purely speculative.
The name is a play on words with the English expression “Hairy Balls,” which sounds the same. Although its literal translation into Spanish is not appropriate, the figurative meaning refers to someone with a lot of experience and cunning.
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Investors take quick profits
Onchain analytics platform Lookonchain reported that investor “LeBron,” who has been trading memecoins like MELANIA and TRUMP, spent 25 SOL, or around $4.800 USD, to purchase 128,8 million HARRYBOLZ tokens 4 days ago. Recently, this investor sold 109,8 million memecoin tokens for 3.649 SOL, valued at around $737.0000 USD. This move allowed the investor to make a quick profit of over $730.000 USD in just one week.
Now, according to the data of the platform, owns 18,97 million HARRYBOLZ, worth approximately $277.000.
BUY BITCOINHowever, despite the quick gains the token has generated for some investors, analysts advise extreme caution, as memecoins are inherently volatile and subject to wild price fluctuations. From its all-time high of $0,03011, the price of HARRYBOLZ has fallen 53%, trading at around $0,01411 at press time.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
