The cryptocurrency community has launched a scathing attack on Elon Musk accusing him of influencing the market. The billionaire’s antics have sent Dogecoin and Bitcoin on a roller coaster this month. Elon’s sudden U-turn decision on May 12 saying Tesla will no longer accept bitcoin for purchasing its cars resulted in a fierce selloff of the cryptocurrency. Bitcoin sunk by 20% after the announcement, which has had a lot of crypto investors worried. They fear that SEC won’t get involved in the cryptocurrency world and the narcissistic billionaire can keep crashing the crypto market with his irresponsible tweets. Some people have decided to take things into their own hands and stop Elon from “irresponsibly manipulating” the market; how they wish to achieve that is by creating a new cryptocurrency. Do you see the irony, already!
Called STOPELON, the newest cryptocurrency in the market has been created with the intention of stopping Elon (as the name itself suggests) and make new investors aware of the crypto market fluctuations that are caused by Elon Musk’s tweets. “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account,” the Stop Elon team writes. “It’s ridiculous! He’s toying with people’s portfolios like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH.” Its founders have released a four-phase rollout plan for the cryptocurrency and have stated that their ultimate plan is to take full control of the Tesla stock and “fly to f*****g Pluto”. But the plans don’t have a definitive answer on how they will be able to stop Elon from influencing the crypto market. Maybe the founders just want to piggyback on the Tesla CEO’s popularity and the sentiment of the investors to get visibility in the crowded crypto world.