Meme Coins Ride Elon Musk Comments to Spike in Value
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New tokens inspired by Elon Musk's recent controversial comments, including GFY and TRUCK tokens, have surged in market cap into the millions.
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These opportunistic meme tokens are the latest to ride hype cycles in crypto, following ones related to Charlie Munger and hamster races.
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Such meme coins remain popular as they offer traders chances of quick profits amid lower volatility in major cryptos like Bitcoin.
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Hundreds of tokens with memes or names related to Musk or his companies have popped up almost instantly on platforms like Ethereum.
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Some crypto investors defend meme trading as a risky but potential way to find huge short-term gains even in bear markets.