It’s time to grab some popcorn.
A new emerging cryptocurrency called $STOPELON is — as its unsubtle name suggests — dedicated to excoriating Tesla CEO Elon Musk’s extraordinary and often unpredictable influence on the cryptocurrency market.
“Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account,” the token’s official website reads. “Just recently, he did it again, causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment.”
It’s the perfect distillation of how furious the cryptocurrency community at large — including Musk’s own fans — has become with Musk over the power he appears to wield over crypto markets, as well as his ever-changing stance on the technology.
Some less subtle investors even launched a $FUCKELON coin, which itself is worth around $1.67 with a market cap of under $150,000, according to Newsweek.
$STOPELON is worth even less, trading at less than $0.000026 at the time of writing, according to Poocoin, with a market cap of $13.8 million.
Why is the crypto crowd so angry? Musk sent the value of Bitcoin for a rollercoaster ride this year when he first announced in March that his electric car company will start to accept the token as a form of payment.
Just two months later, though, Musk released a statement saying that Tesla is suspending “vehicle purchases using Bitcoin,” citing concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”
Then Musk implied in a Twitter exchange that Tesla had sold, or was considering selling, its considerable stake in Bitcoin, causing the currency to drop precipitously — before clarifying the company hadn’t sold after all.
Ever since, the value of Bitcoin has tanked, seemingly at least partially the result of the billionaire’s flip-flopping. After record highs earlier this year, the value of Bitcoin hit four-month lows earlier this week, though it’s since recovered to around $42,000.
After all the unpredictability — ironic, given the cryptocurrency’s innate volatility — the $STOPELON token is the fuming cryptocurrency community’s response.
“He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be,” reads its website.
The community has an ambitious end game. As their “final target,” the website lists “full control of Tesla stock and Stop Elon” as well as “fly to fucking Pluto.” It’s unclear why the dwarf planet Pluto in particular was chosen.
Whether the rather scrappy group of fed up cryptocurrency investors have what it takes to topple the empire of one of the richest people in the world, though, remains to be seen.