Musk changed his Twitter name to the same cryptocurrency and it was born quickly. It soared 800% in 6 hours.

Recently, the news in the field of cryptocurrency has become more and more magical, and coin creation seems to be becoming more and more "random". Squidcoin has just cheated a lot of people, and another cryptocurrency has been born to take advantage of the popularity.

On Sunday, the world's richest man Musk changed his Twitter name to "Lorde Edge". The cryptocurrency of the same name was quickly released. It soared 843% in just 6 hours after trading began, and then plummeted 80%.

Dog also took advantage of this popularity, and the price once rose to US$0.29.

Musk changes Twitter name to Lorde Edge

The cryptocurrency of the same name was born quickly

On Sunday, Eastern Time, Tesla CEO Elon Musk temporarily changed his Twitter name to "Lorde Edge."

The name was quickly used, and a cryptocurrency named "Lorde Edge" was quickly born and officially began trading yesterday evening Beijing time.

But some people think that the new name has nothing to do with cryptocurrency. According to Merriam-Webster, some Twitter users said that Musk's new name may refer to "edge lord", which is an Internet slang referring to a person who craves attention or a person who behaves boldly or unconventionally.

Although there is no indication that Musk himself has any connection with the digital currency, the price of the cryptocurrency has been rapidly pushed up.

It is worth noting that the market value of this newly born cryptocurrency is still small, so it is easy to rise and fall sharply.

6-hour surge of 842%

It then quickly plummeted by nearly 80%.

According to coinmarketcap data, the cryptocurrency called Loder Edge officially began trading at around 6:48 pm Beijing time on Sunday, November 8, with a price of around 0.000020 yuan.

Last night, the cryptocurrency skyrocketed. At around 0:48 this morning, the price of this cryptocurrency once reached 0.0001884 yuan, a surge of 842% compared to when trading began.

This means that in about 6 hours, the cryptocurrency skyrocketed more than 8 times.

However, the cryptocurrency failed to maintain its upward trend. In the early hours of this morning, the cryptocurrency plummeted after hitting its intraday high. At around 1:53 a.m. on the 9th, the cryptocurrency quickly fell to 0.00004382 yuan, a 76.74% drop from its intraday high.

At around 10:30 this morning, the cryptocurrency fell again to RMB 0.00003889, a plunge of 79.35% from its intraday high.

Dogecoin also becomes popular

At one point it surged by more than 9%

Musk did not explain the reason for Twitter's brief name change, and there are many kinds of speculation in the market.

The founder of Dogecoin said on Twitter that "Lorde edge" is an anagram of "elder doge" (that is, a word with the same letters but different letter order).

The founder of Dogecoin also pointed out that this does not mean that Musk deliberately changed the name like this, but "lorde edge" is indeed an anagram of "elder doge".

In the comments on the tweet by the founder of Dogecoin, many people believed that Musk was implicitly mentioning Dogecoin again, and some netizens expected Dogecoin to rise sharply as a result.

Dogecoin also successfully became a hot topic, and its price once rose above $0.29 yesterday Beijing time. Compared with the closing price of 0.2653 on the 7th, it rose by more than 9%.

Musk has repeatedly expressed his support for the development of Dogecoin. Today, Dogecoin announced the release of Dogecoin Core 1.14.5. Following the reduction of relay fees in 1.14.4, 1.14.5 reduces the recommended fee, and also includes bug fixes and performance improvements.

In response, Tesla CEO and the world's richest man Elon Musk retweeted and commented: "This is important."

In October, Musk also tweeted that he planned to build a university in Texas called Texas Tech.

He also said in a reply that the university will accept Dogecoin for tuition payments, adding that dog owners will also receive discounts.

Small-cap cryptocurrencies are prone to sudden rises and falls

Investors should be aware of the risks

Like small-cap stocks, cryptocurrencies with smaller market capitalizations also face problems such as liquidity and price volatility. Investors must remember not to be blinded by high returns, as there are cases where cryptocurrencies have skyrocketed and then plummeted rapidly.

On October 26, SQUID, named after the popular Netflix drama Squid, officially began trading. The cryptocurrency was issued at a price of $0.01, and its price once soared to $2,856.64 on November 1. But after the price peaked, it quickly plummeted to only $0.0008 in a few minutes, and its value was almost zero. Data shows that when SQUID plummeted, there were more than 46,000 holders of the currency.

The website CoinMarketCap also warned that the project was not officially launched by Netflix, but just used the same name.

The price of Dogelon Mars, a cryptocurrency named after Tesla CEO Musk, has also skyrocketed and plummeted.

In the early morning of October 31, the price of the cryptocurrency once rose to 0.00001653 yuan, an increase of more than 333% in 24 hours. But on November 5, the price of the cryptocurrency fell to 0.00000568 yuan, a drop of more than 65%.

China Fund News reporter Jin Youzhi