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STOPELON Coin Surges 512% In A Day After Crypto Community Gets Into A Fight With Elon Musk

Benzinga logo Benzinga 5/17/2021 Adrian Zmudzinski
© Provided by Benzinga

The cryptocurrency community declared war against Elon Musk with a new project aiming to lift his role as the CEO of electric car manufacturing firm Tesla Inc. (NASDAQ: TSLA).

What Happened: The StopElon (CRYPTO: STOPELON) cryptocurrency saw a major price uptick after the community took a grudge against the tech tycoon.

The official website of the token in question explains that it aims "to destroy the biggest market manipulator of them all."

StopElon's plan is to use the capital raised through the project to gain full control of Tesla stock and fire the firm's CEO. The developers also took some additional steps to make the coin attractive to investors, like destroying 40% of the token's supply and then distributing 6% of the transaction fees back to the token holders.

See also: Best Cryptocurrency Apps

The news follows Musk recently sending Bitcoin (CRYPTO: BTC) tumbling after last week when he announced that Tesla would no longer accept it as means of payment for cars due to concerns over the network's impact on the environment.

More recently, he caused BTC price to drop again after he seemed to signal that Tesla might dump the cryptocurrecy's holdings. 

Price Action: StopElon's price increased by 512% from a 24-hour low of $0.000001756 to a high of $0.000010756 before correcting by over 58% to its current price of $0.000006797.

Image: Courtesy of STOPELON official site

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