From Elon Musk to Lorde Edge and back

Tesla chief, Elon Musk is the most popular person that can make any cryptocurrency rise to the top with just a cryptic tweet.

After creating a huge buzz on Dogecoin and Shiba Inu, indirectly helping it rally on the exchanges and help it gain popularity among crypto users, Elon Musk is again in news by briefly changing its Twitter handle to 'Lorde Edge'.

This happened in the first week of November 2021, when Tesla chief Elon Musk changed its handle and also the location to Trollheim which left its over 63.5 million followers puzzled. 

It is not the first time Elon has done something like this, he has been doing it many times, he tweets about rabbits, sometimes dogs and this has only helped the crypto projects based on rabbits and dogs to rise exponentially. 

According to Shibetoshi Nakamoto, the creator of popular cryptocurrency Dogecoin trying to decode this has suggested that it is an anagram for elder doge.

After Elon's activity, a crypto project named, Lorde Edge (LEDG) saw an increase in its trading on exchanges. Average 24-hour trading was between $14 million to $40 million during the 8-9 November period, gradually coming down to $1 million. Today, its 24-hour trading around 157,632 as on 15 November 2021.

Apart from changing his profile name, Tesla founder and SpaceX chief didn't actually explain the reason for the recent name change.

However, he tweeted out a poll on 6 November, where he asked his Twitter followers whether he should sell 10% of his stock in Tesla, as he would pay taxes on the gains. The poll closed on 7 November  afternoon, with 57.9% of more than 3.5 million participants voting 'yes,' while 42.1% voted 'no.'

As per an update on the website after 24-hours of the token going live, Lorde Edge (Edgelon) on 8 November had over a total of 1000 holders, today as on 15 November the holders have increased to 3255. The website also mentions that there are one trillion tokens as of now, 50% of which will be burned forever, 10% of the tokens will be used for development and redistribution.

The token went live on the crypto market on 8 November at an opening price of $0.000003192. It shot up to $0.00002954 within no time, recording a surge of 825%, as per CoinMarketCap. It later lost much of this value but has experienced several such spikes throughout.

Today, the price of one Edgelon is not hovering at around $0.000007618 and trading volume has also flattened. 

However, many experts have repeatedly advised new crypto investors to stay away from such hypes in the cryptocurrency world as these could very easily turn out a hoax, or simply tank once the buzz is over.

Elon has been instrumental in promoting cryptocurrencies and has also supported the decentralized system as the future of money. 

Recently, at a virtual meet, he has acknowledged holding Bitcoin, Ethereum and Dogecoin and said that prices of crypto currencies do affect his holding. He also supported cryptocurrencies and advocated it to be used in daily use.

Taking this forward, he for a brief period of time allowed Tesla car booking with BTC, but later on withdrew it citing environmental concerns. 

Elon has been in a forefront of adopting new technologies and taking risks, when everyone has been very cautious. SpaceX and its satellite internet project, Starlink, are some of its projects that need applause.

Do not invest in any projects unless you have done your due diligence.

Jagdish Kumar

Klever Writer

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