Elon Musk's "Harry Bolz" MemeCoin Frenzy: Tokens Plummet After Rapid Rise

Elon Musk's recent change of his X profile name to "Harry Bolz" has sparked a wave of interest in memecoins inspired by the new username. Several tokens, created on the Solana blockchain and traded through Raydium DEX, have seen significant price movements following the change.

One of the most liquid HARRYBOLZ tokens, created just five days ago, has plummeted by 57% in the last 24 hours. Another similar token, created a day ago, has seen a nearly 100% decline at press time. These tokens have experienced a rapid rise and fall in value, with one memecoin rallying by nearly 15,000% on Tuesday before tanking on the charts.

Elon Musk's memecoin plays have become a recurring theme in the cryptocurrency world. His recent profile name change was a playful reference to the "Big Ballz," a nickname for one of his DOGE employees who went viral last week. The "Harry Bolz" username was a satirical move targeting an alleged judge who blocked recent DOGE and President Trump's efforts to trim federal waste.

In early January, Musk adopted another mysterious profile name, "Kekius Maximus," which was tied to the lead character of the movie Gladiator. In each case, memecoin speculators quickly created tokens similar to Musk's new profile name and minted millions. However, these memecoins typically dump by nearly 100% in less than 24 hours after their creation as early traders book profits, leaving latecomers to the craze with significant losses.