In an unprecedented and unexpected twist, Elon Musk just recently switched up his social media name on platform X (formerly Twitter) to “Harry Bōlz,” and the effect was instantly felt across the crypto space.
Musk’s profile update seemed pretty harmless but had an enormous ripple effect on this meme coin that was already on the upswing—$HARRYBOLZ. When I checked, right around six hours after Musk’s name change, it was up a staggering 35,691% to a value of $0.025.
The value has suddenly skyrocketed, catching the eyes of both meme coin fans and crypto investors. It throws into sharp relief just how much sway Musk really has over the cryptocurrency market. The price jump follows a well-trodden path that has worked in the past, where Musk’s ethereal presence with certain cryptocurrencies—Dogecoin, for example—has propelled them into the stratosphere. This event appears to be an outlier for the meme coin market, as the $HARRYBOLZ token is not known for its volatility.
The Role of Influential Whales: LeBron’s Big Profits from $HARRYBOLZ
The $HARRYBOLZ story has a prominent player in the crypto wallet called “LeBron.” This crypto trader made a name for himself in the business by riding the wave of trending tokens. If you check LeBron’s portfolio on any given day, you’d most likely find that he’s in profit. One of his more obvious wins was the time he turned $100 into $8.9 million with the $MELANIA token. Another time, he turned $100 into $3.2 million with the $TRUMP token. So with such a profitable past, it’s not surprising that LeBron would “buy the dip,” so to speak, and get in on the $HARRYBOLZ action.
LeBron recently executed a very large purchase of the cryptocurrency $HARRYBOLZ, only four days ago. The head of the $HARRYBOLZ token, who goes by the name “MOB,” told The Fumble that LeBron is indeed the one who made the purchase. What makes this acquisition even more interesting is that LeBron was not merely buying $HARRYBOLZ in some sort of ceremonial fashion. He was spending a not insubstantial amount of money to buy a large number of $HARRYBOLZ tokens.
The $HARRYBOLZ token saw a huge surge, and LeBron took profit on the price increase, selling 109.8 million $HARRYBOLZ tokens for 3,649 SOL (about $737,000). After the sale, he held a remaining 18.97 million $HARRYBOLZ tokens, which were worth about $277,000. Altogether, the sale and the remaining tokens added up to a profit of about $1 million.
LeBron’s maneuvers in the market underscore how large, well-timed trades can really hit home, especially in the shaky world of meme coins. And make no mistake: trading off the hype from Musk’s name change is a savvy move. It’s just another example of how LeBron transcends his sport and operates on a different level in the business world; he understands market trends, opportunities, and instabilities.
Musk’s Influence on the Crypto Market
The cryptocurrency world has been changed for the better, and maybe even the best, by Elon Musk’s presence. His comments and actions, whether intentional or just for fun, send the market into a tizzy. This second installment, concerning the $HARRYBOLZ token, showcases what can happen to a small cryptocurrency when Musk decides to reference it in a tweet.
Musk has been a historical supporter of a variety of cryptocurrencies. He has a particular affinity for Dogecoin, which he has mentioned frequently and even called the “people’s crypto.” Musk’s massive influence alone has historically also been able to pump the price of various digital assets to astounding new heights. With this backdrop, we should understand that the $HARRYBOLZ token was not being watched closely by cryptocurrency investors until October 2022, when Musk changed his name to Harry Bōlz. Even after the initial shock of this name change wore off, it was still incredible (and maybe a little horrifying) how closely the entire crypto market seemed to be watching Musk and using him as a catalyst for pumping the price of a new token.
The unpredictable nature of meme coins, which often see wild price fluctuations based on nothing more than social media hype, makes $HARRYBOLZ’s price surge all the more puzzling. Why, in 2021, would $HARRYBOLZ see a near-13,000% increase in value over just four months—rocketing to a market cap of $2 billion—if not for the influence of a major celebrity? Indeed, on July 9, 2021, Elon Musk tweeted a short, cryptic message—all in capital letters: “HARRYBOLZ.”
The Risks and Rewards of Meme Coin Trading
Though the substantial profits brought to early investors like LeBron by the meteoric price surge of $HARRYBOLZ are undeniably incredible, they also spotlight the fundamental risks involved in putting money into meme coins. These online community- and social media-driven tokens can be, and in the case of $HARRYBOLZ are, extremely volatile.
As rapid as the rise of $HARRYBOLZ was, it could as easily see a sharp decline once the hype around Musk’s name change fades. Meme coins have notorious for not having any serious fundamentals and instead relying on social media-driven popularity to generate or maintain their prices. Whether or not you think having a price that is driven up by a tweet is a good thing, it is definitely a feature that makes these assets extremely volatile.
Selling a big chunk of his $HARRYBOLZ holdings as the price shot up shows that LeBron shares an old-school strategy with many experienced traders: realize profits while the opportunity is still there. This lets investors convert unrealized gains into cash, sidestepping the not-so-small risk of holding onto assets that could drop in value as quickly as they rose.
Conclusion
The token $HARRYBOLZ is a fascinating example of what celebrity power can do for the crypto market. The price of the token surged by an extraordinary 35,691% in just six hours, much of that time when it was obviously not on anybody’s radar, because it emerged as a “meme” reaction to Elon Musk changing his name on the social media platform X.
The meme coin investment can bring undeniable profits, but the risks can be very serious too. Take, for example, the $HARRYBOLZ meme coin. Its price has been very volatile lately, and the only thing that’s been keeping it propped up is social media. As for the coin’s future spark, well, let me say: it doesn’t bode well. Mr. Musk’s shenanigans may have lit a brief fuse, but what else does the platform have in the barrel? The rise of $HARRYBOLZ serves as a warning sign for investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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