Cryptocurrency investors are not at all happy with Elon Musk. The CEO of Tesla and SpaceX has had a major impact on asset prices with his Twitter posts, a power that an internet community thinks no one should have. For this reason, the “StopElon” initiative was created, with the objective of “destroying the biggest manipulator on the market” through the creation of a new and peculiar digital currency.
Elon Musk, “the biggest manipulator on the market”
In early February, Musk rocked the entire cryptocurrency market by publicly confirming his support for bitcoin (BTC) in a broadcast on the Clubhouse app. At the time, he said he believed that the digital asset “is a good thing” and said: “I am an advocate”. Ironically, the billionaire also acknowledged that he should be careful about what he says because “some of these things can really move the market”.
His statement came just before Tesla announced its $ 1.5 billion bitcoin purchase. However, that support only lasted until last week. Musk recently announced that his electric car company is no longer accepting payments with the cryptocurrency, news that has seriously hurt the asset’s price. In addition, he even suggested on Twitter that the company could sell its entire reserve of digital currency, causing panic in the market.
Its relationship with dogecoin (DOGE), a cryptocurrency based on a Shiba Inu dog meme, further demonstrates its influence. After adopting it as his favorite digital currency, Musk has been doing what he wants with the asset’s price through his publications that can cause huge ups and downs in a matter of hours. After months of making dogecoin go up, its space company SpaceX has announced that it will be carrying out a fully paid DOGE mission to the Moon in 2022.
StopElon cryptocurrency would be immune to manipulation
The launch of the cryptocurrency came just after Wednesday’s great fall (19), which took $ 750 billion from the market in the face of new bans on transactions and services with digital currencies in China. Called StopElon (STOPELON), the digital currency aims to “destroy the biggest manipulator on the market”, as revealed on its official website.
“Elon Musk is famous for irresponsibly manipulating the cryptocurrency market with his Twitter account … Anyone with a minimum of critical thinking sees through his lies,” says the page. The text also states that Tesla’s CEO has been trying to boost cryptocurrencies for years and that he “is playing with people’s portfolios, like the narcissistic billionaire he is and always will be”.
That’s why StopElon was created, a new cryptocurrency that is exactly proof of market manipulations. But it is not only that, the currency has the ambition to become the new “joke” of the moment and become something like dogecoin is today. Its creators say that all you have to do is buy and “hodlar” (not sell for long periods) the new asset.
Token has scarcity and enrichment system
Cryptocurrency has several non-traditional mechanisms. That’s because StopElon has no ambition to become a real bargaining chip or a speculative asset. There are 1 trillion tokens and 40% of them will be out of the market, dedicated exclusively to being destroyed to increase their scarcity and price over the years.
In addition, there is a system against large buyers making each transaction have a limit of 1 million STOPELON. Even per-transaction costs contribute to the enrichment structure, with 4% of the fees returning to the token pool, while 6% goes to the owners of the cryptocurrency.
StopElon wants to take control of Tesla
There is a plan (somewhat crazy and surreal) detailed on the project website. In four phases of operation, the cryptocurrency meme is in the second item of its first list of objectives. While some of them are quite common for a new digital currency, such as being listed on platforms and exchanges, others stand out because they are too ambitious.
Following the completion of plans such as the launch of an NFT platform and a lottery system, the minds behind StopElon want to exchange their tokens for Binance Coin (BNB), capitalize on these assets in traditional currencies and buy Tesla shares. His ultimate goal is to “take complete control” of Musk’s company and bring the billionaire down.
With information: Gizmodo