Elon Musk Crypto GrudgeCoin Launched

A new digital asset, ****ELON, has been created on cryptocurrency exchanges in response to Elon Musk’s recent decision to no longer accept bitcoin for Tesla purchases.

On Wednesday May 12, Musk posted a tweet informing users that Tesla would no longer be accepting bitcoin in exchange for Tesla’s electric vehicles, citing environmental concerns and energy consumption issues. Bitcoin and a large portion of the cryptocurrency market crashed shortly following his tweet, with BTC falling nearly $10,000 since it was published

Many online users on Twitter and Reddit criticized the decision, discussing the ecological impact of Tesla’s batteries and the continued reliance on coal for electricity in most parts of the world. 

A contingent of users on subreddits like r/CryptoMoonShots posted criticisms of the decision, claiming that Musk was employing a traditional “pump and dump strategy”.

In response, the ****ELON coin was created and posted to the Pancakeswap Exchange . A post to r/CryptoMoonShots received 1,300 upvotes advertising the new digital asset, claiming that its liquidity has been locked and guaranteed, and providing users with a link to buy it.

Data from Bsc Scan show that ****ELON was created sometime between Thursday May 13 and Friday May 14, using Binance Coin (BNB) to secure the liquidity of the new digital asset. The contract shows the coin’s protocol and its contract creation code for users.

While some have praised the new ****ELON coin, many users on Reddit have called it out as a scam, noting that data from Bsc shows that 71% of the current supply is held by a single user. 

Many users and self-proclaimed finance experts have noted that this is often how users are scammed in the cryptocurrency space, with primary holders building interest then selling the coin to turn a profit.

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