StopElon

The cryptocurrency frenzy is taking over the internet. A month back it was the unexpected skyrocketing of the prices, whereas since last two weeks it has been the crashing prices of these currencies that are making headlines. Tesla CEO Elon Musk played a huge role in fuelling both these scenarios, especially the sudden collapse of the crypto market. To beat this manipulative presence of Musk in the industry, his critics have created a new digital currency named StopElon. This initiative comes out of dissent from crypto investors and thus claims to be not dependent on his views or statements.

A Currency Born Out of Defiance

Elon Musk has been a force behind the growth and downturn of cryptocurrencies. Wondering how? Elon Musk’s statements had increased the visibility of the meme-inspired Dogecoin. His anticipated presence in Saturday Night Live made the crypto hit record highs in its market price. Later he busted the crypto by calling it a hustle resulting in the sudden decline in the prices. Another striking hit powered by Musk was regarding Bitcoin. For a whole week, bitcoin prices were plummeting after Elon Musk tweeted that Tesla is not going to accept the crypto as a mode of payment anymore. The reason put forward was the high carbon emissions produced through the mining process and environmental risk. Bitcoin prices dipped over 15% after Musk tanked it over climate change. This made the crypto investors rise out in protests as Musk’s wobbling comments have had huge impacts on the market. It is to be noted that Musk was the one who came forward as an ally to these cryptos and started accepting bitcoin in the sales of Tesla. He has now gone back on his words causing huge damage to the digital currency and the trading community as well.

All About the Currency

StopElon creators and investors believe that the currency will act as a protective shield against the manipulation by Musk, and also said that its prices would not be controlled by his tweets. StopElon is minted on the blockchain of Binance Smart Chain and it hit the market just recently. It reached a market cap of almost US$30 million according to a chart site, Poocoin. StopElon’s currency price is US$0.0000460762 and its market price had increased over 4000% in just 24 hours. The currency tries to curb Elon Musk’s damaging approach towards the crypto world and enables investors to make money with more than 50% of coins supplied in the initial phase. 

The official webpage of StopElon reads,  “He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. Hence, we created $STOPELON where we get rich without anyone controlling our fate except ourselves. All you have to do is BUY and HOLD.”

The site reveals that there has been a 40% initial burn, with 5% each from the marketing and developer’s wallet. The ultimate goal of this new crypto network is to get full control of Tesla’s stock and stop the CEO.

How to Buy StopElon?

Crypto traders and investors can buy the currency by downloading a trusted wallet or any app that supports PancakeSwap, a Binance Smart Chain-based decentralized exchange platform. One will need to first buy Binance Coins (BNB) to exchange it for StopElon. It can be purchased either from the Trust Wallet or directly on the app. Other than this, StopElon is not available on any other major exchanges right now. The official website provides specific directions to buy the currency and has also displayed the contract address. They say that any investor facing problems with the buying procedure will be guided by one of the Elon haters on their Telegram account. 

However, experts are of the opinion that investing in this new crypto might be a risk. Since there is no fundamental backing or no regulations constructed around the currency. While speaking to Business Today, Monark Modi, Founder, and CEO of Bitex, said that investors should not base their investment strategy on the trending pattern or the volatility of the market. Instead, he advises the traders to set a place in systematic investment plans by evaluating risk-taking capabilities.