The event of US President Donald Trump officially announcing his own meme coin has caused a storm in the crypto community. However, not everyone was able to catch this opportunity. Investors who missed out quickly claimed that after Official Trump (TRUMP), there could be an "Official Elon Musk" or some other similar meme coin.
Here are the observations from BeInCrypto about this new wave of expectations.
Also Read: Massive Numbers on the Newly Launched TRUMP Meme Coin
ELON Meme Coins Appear Across Multiple Chains, Dominating the Gainer Ranking
According to BeInCrypto's observations, in the past 24 hours, meme coins themed around billionaire Elon Musk have appeared on multiple chains such as Solana, Base, Ethereum... Many meme coins with this theme have also dominated the Gainer ranking (achieved the best growth rate of the day), such as Elon (ELON), Elon Mars (ELONMARS), Elawn Moosk (MOOSK), Dogelon Mars (ELON)...
Elon Musk-themed meme coins. Source: Coingecko.Although these meme coins have increased by triple digits in a day, most of them have very low market capitalization and trading volume. This brings liquidity risk and potential losses when the wave of attention subsides.
However, Dogecoin (DOGE) - the meme coin said to have the closest connection to Elon Musk - has recorded a decline of nearly 16% in the past two days.
Official Elon Coin (ELON) on Solana Catches Meme Investors' Attention
But the most notable one is the Official Elon Coin (ELON) on Solana. This ELON meme coin has seen an astonishing increase in market capitalization, from $100,000 to $240 million in less than 24 hours.
Price performance of Official Elon Coin (ELON). Source: Dexscreener.With a price increase of up to 240 times, the ELON meme coin has a trading volume of over $580 million and is currently second only to the TRUMP meme coin in terms of liquidity on Dexscreener. Geckoterminal data also shows that the number of holders of this meme coin, which is less than a day old, has already exceeded 165,000.
The official X account of the Official Elon Coin (ELON) stated that 90% of the daily unlocked token supply of ELON will be used for marketing and 10% will be allocated to the team. With a total supply of 70 million, ELON will be fully unlocked within the next month.
"We have locked all the ELON tokens we own. 65,000,000 ELON will be unlocked gradually over the course of 1 month. 2,160,000 ELON will be unlocked each day." - Official Elon Coin stated.
However, according to BeInCrypto's research, although this meme coin claims to be the Official Elon Coin, there is no evidence of a direct connection with billionaire Elon Musk. Regardless, the wave of FOMO from meme investors has still caused this Solana token to surge in price. Notably, many X accounts continue to promote ELON and contribute to driving interest in this token.
"After TRUMP, it's ELON. Everyone is waiting for @elonmusk to confirm. If he confirms, ELON's market capitalization will become $10 billion, if not, it will return to $0." - Investor CSuperBull commented.
Also Read: 24 Crazy Hours of the Official TRUMP Meme Coin: Where Will the Price Peak?
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