Elon Musk changed his display name on X to “Harry Bōlz,” triggering a frenzy in the meme coin market.
Elon Musk changed his display name on X to “Harry Bōlz,” triggering a frenzy in the meme coin market. Two Solana-based tokens named after the alias quickly gained traction. One of them, launched on Feb. 7, saw its market cap explode from $45,900 to $25.14 million in an hour before settling at $8.5 million. A trader who put in just $156 early managed to cash out $52,000, while another turned $1,900 into $343,800. The second token also saw gains, reaching nearly $3 million in market cap, but its top trader only managed to make $6,179 from a $14,400 investment.
This isn’t the first time Musk has influenced meme coins. In January, he briefly changed his X name to “Kekius Maximus.” An Ethereum-based meme coin with the same name skyrocketed 3,000% in value, hitting a $400 million market cap before crashing 83% when Musk reverted his name. His influence over meme coins goes back further, most notably driving Dogecoin’s price from $0.002 to $0.73 in 2021.
Musk’s latest name change is believed to be in support of Edward Coristine, a 19-year-old who was once an intern at Neuralink before being dismissed for allegedly leaking company information. Coristine, known online as “Big Balls,” was recently appointed as a senior adviser at the U.S. State Department’s Bureau of Diplomatic Technology and the Department of Government Efficiency (DOGE), a Musk-led initiative created to cut federal spending. His new role gives him access to sensitive government information, which has raised security concerns. An unnamed source from The Washington Post called the appointment “dangerous” due to Coristine’s lack of experience. Still, the White House maintains that all DOGE personnel have the necessary security clearances.
The surge in meme coin trading highlights how easily the market can be influenced by social media trends, particularly those tied to high-profile figures like Musk. This trend isn’t new—traders continue to chase quick profits in the highly volatile space. Just months ago, an investor turned $16 into $3 million in two weeks by betting on Peanut the Squirrel (PNUT), another meme coin on Solana. Meanwhile, Doge Uprising ($DUP) is gaining attention with staking rewards that offer a 50% annual percentage yield (APY), attracting bigger investors looking for long-term returns.
Despite the hype, meme coins remain a risky investment, often experiencing rapid pumps and crashes based on fleeting internet trends. Traders who get in early can see massive gains, but those who mistime their entry often face heavy losses when the hype dies.
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