Monday's launch saw the price of "Lorde Edge", a coin, rocket to new heights. Odd Andersen/Getty Images
The Lorde Edge coin, which was launched Sunday, takes its name from Elon Musk’s new Twitter handle.
The coin rose as high as 825% in its first day and reached a record of $0.00002954 on its second day.
According to dogecoin's creator, Lorde Edge is an anagram for "elder doe."
Elon Musk had an interesting few days on Twitter. He even inspired a new memecoin, which quickly gained in value on its launch day.
The billionaire changed his Twitter name to "Lorde Edge" over the weekend. This sparked speculation that the Tesla CEO was behind it.
According to CoinMarketCap data, the Lorde Edge coin started trading on Monday, bringing in a trading volume of nearly $27 million.
The price reached a record high of $0.00002954. This represents an 825 percent increase over the initial price of $0.000003192. CoinMarketCap already had over 1,500 watchlists for the token. The price of Lorde Edge coin dropped to $0.0.000002724, but has since risen by 178%.
"We are LIVE! @elonmusk Lorde Edge was with us!" EDGELON, a community that created the ether-based coin, posted a tweet Sunday.
Musk did not indicate that he was participating in the coin. Musk previously stated that he has invested in bitcoin, dogecoin, and ether.
On Sunday, Billy Markus, creator of dogecoin on Twitter, stated that Musk's new username is an anagram meaning "elder doge". Markus, who goes under Shibetoshi Nakamoto, wrote, "This doesn’t mean that it was intentional but it’s in fact an anagram."
A cryptocurrency called FlokiInu was inspired by Musk's pet Shiba Inu dog, Floki. According to a Financial Times report, the coin was named after Musk’s Shiba Inu dog, Floki. The coin was also featured in a recent advertisement campaign for the UK's transportation system.
Investors are being warned by regulators around the world to avoid investing in memecoins or other digital assets. One case saw a cryptocurrency that was inspired by Netflix's "Squid Game", rise by 75,000% after buyers bought it. However, links to the website and social media accounts were gone last week, indicating that it was a fraud.
Musk's Twitter name changes were part of a busy weekend on the social media site. He asked his 63 million followers on Twitter whether they wanted him to sell 10% of his Tesla stock. The poll received more than half of the 3.5 million votes.
Dan Ives, a Wedbush analyst, stated Monday that Musk had already made it clear that he planned to sell some stock before the end the year because he is facing a large tax bill from the 23 million stock options he received in 2012. These options were vested in August 2022 and will expire in August 2022.
Wedbush said that Musk's sale of 10% of Tesla's stake shouldn’t be cause for concern.