Imagine, if you will, a billionaire armed with a Twitter account, thumbs poised with the delicate precision of a toddler near a chandelier. His tweets are the chandelier. Everyone else’s financial well-being? That’s the floor.
Elon Musk strides into the cryptocurrency world like a man who’s just discovered the concept of consequences—and decided they’re for other people.
You'd assume a chap who once tangoed with controversy, giving what looked to many like a Nazi salute at a Nuremburg afterparty might think twice before toying with public perception.
You'd be wrong.
Exhibit A: Harry Bolz
He was at it again last night, resurrecting an old moniker for a new meme, (let's not call it a grift) — HarryBolz.
Musk previously adopted the alias in April 2023, jesting about media outlets taking the bait. This latest identity shift, however, did more than tickle the internet's funny bone—it sent the obscure HARRYBOLZ meme coin into a frenzy. Search exploded and the HARRYBOLZ memecoin pumped 17000 per cent in 30 minutes, according to an analysis that hit the intray this morning.
One astute trader, operating under the pseudonym "LeBron," capitalized on the surge, turning a modest $4,807 investment into a cool $1 million.
Yet, as with many of Musk's market-moving antics, the euphoria was short-lived. The HARRYBOLZ token, after its meteoric rise, plummeted by almost 99 per cent, leaving latecomers clutching their now-worthless digital coins. This pattern mirrors previous episodes, such as the "Kekius Maximus" saga, where Musk's playful online behavior led to brief surges followed by precipitous declines in associated meme coins. While some may chuckle at the billionaire's irreverence, others are left nursing financial wounds.
It’s precisely the sort of spectacle America’s Consumer Financial Protection Bureau might squint at through a magnifying glass—if it hadn’t been rendered as toothless as a teething ring, thanks to Musk’s personal crusade against federal oversight, charmingly packaged under the banner of the Department of Government Efficiency. (DOGE, because of course it is.) Musk, with all the subtlety of a toddler demanding attention, called for the CFPB’s deletion just two months ago. Russell Vought, Donald Trump’s handpicked understudy for the role of acting head of the CFPB tried to do exactly that this week.
Elon's crypto form guide
But Harry Bōlz isn’t Musk’s first awkward waltz into the crypto ballroom. No, it’s just the latest in a conga line of suspiciously timed antics, as if Musk treats the market like a personal Etch A Sketch—shake it up, see what sticks, and if fortunes rise or vanish in the process?
And a tip of the hat—preferably one with a dramatic brim—to The Elon Effect: Shaping Crypto by Sobhi Smat, Binance’s own sorcerer of Search Engine Optimization which is the source of our data.
December 20, 2020—Musk tweets, “One word: Doge.” That’s it. Not a thesis, not a whitepaper. Just Doge, like he’s tossing breadcrumbs to pigeons. Within 24 hours, Dogecoin leaps 20 per cent because apparently, financial markets now operate on the same principles as Pavlov’s dog experiments.
Fast forward to February 4, 2021. Musk, now apparently the self-appointed Dogecoin laureate, declares, “Dogecoin is the people’s crypto,” then follows it up with the zen koan of nonsense: “No highs, no lows, only Doge.” The market responds with the decorum of a toddler on a sugar binge—Doge skyrockets 65 per cent. Houdini made things disappear for a living, but even he never managed to vaporize rational investor behavior with a single tweet.
But alas, what Musk giveth, Musk also taketh. May 8, 2021: Musk hosts Saturday Night Live, calls Dogecoin a “hustle,” and markets respond like an Elizabethan fainting couch—collapsing dramatically, shedding nearly 30 per cent of Doge’s value. One punchline, and investors are clutching their pearls, their wallets lighter than their optimism.
On December 14, 2021, Musk tweets that Tesla will accept DOGE for merchandise. Cue the inevitable: Dogecoin jumps over 20 per cent. It’s practically Pavlovian—Musk speaks, the market drools. But when he’s silent? The gravity of economic reality sets in, dragging prices down with all the subtlety of an anvil off a windowsill.
Lest you think Bitcoin escaped Musk’s digital flirtations, let’s recall January 29, 2021. Musk adds “#bitcoin” to his Twitter bio—a move with all the strategic depth of scribbling your crush’s name on your notebook. Result? Bitcoin surges nearly 20 per cent. February 8, 2021: Tesla announces a $1.5 billion Bitcoin investment, and the market responds like it’s been offered free ice cream—prices spike, search trends explode, and somewhere, a financial analyst weeps into their risk assessment report.
March 24, 2021: Musk announces Tesla will accept Bitcoin for cars. Bitcoin rises 17 per cent, Tesla stock climbs over 2 per cent, and somewhere, economists ponder if their PhDs were worth it. But Musk’s affection is as fleeting as his filter. On May 12, 2021, he tweets that Tesla will suspend Bitcoin payments due to environmental concerns. Bitcoin drops 10 per cent faster than Musk’s patience during a shareholder meeting. June 4, 2021: a breakup meme hints at his Bitcoin disinterest, and Bitcoin sulks, shedding another 4 per cent—the financial equivalent of “it’s not you, it’s me.”
Ethereum isn’t spared. July 21, 2021, at “The B Word” conference, Musk casually mentions he owns some. That’s it—no partnership, no groundbreaking tech, just idle billionaire chitchat. Ethereum jumps 12 per cent because apparently, that’s where we are now.
Investors, caught in the undertow of Musk’s market mood swings, have begged him to perhaps—just perhaps—stick to building cars instead of vaporizing portfolios with memes. Regulators peer over their glasses, watching, but Musk dances through loopholes like they’re part of his cardio routine. His defense? “They’re just tweets.” Yes, and a match is just a stick with a flame—until it’s near a fireworks factory.
Musk isn’t just a market influencer; he’s the carnival barker, the ringmaster, and occasionally the guy setting the tent on fire. His unpredictability isn’t a flaw; it’s the main attraction. And the crypto market? It’s the rickety rollercoaster running on his whims, leaving investors clutching their wallets, their dignity, and, hopefully, an exit strategy.
Want to learn more. My sources are your sources (except for the confidential ones): In addition to the excellent analysis by Sobhi Smat, read Reuters, Flagship FYI, Yahoo , coinspeaker.com, Finance, Brave New Coin, Crypto Briefing, Economic Times, Medium Decrypt, Cryptobriefing, Cryptotimes and SEC.