Elon Hitler Meme Coin Surges, Then Plummets in Price
A meme coin called “Elon Hitler” launched on Monday, sparking controversy and debate among cryptocurrency traders. The token, listed under the ticker symbol $EItler, was built on the Solana blockchain and is traded on the decentralized exchange Raydium. Since its launch, the meme coin has surged in price by at least 450%, with traders encouraging others to buy in.
The token’s launch comes after billionaire Elon Musk was accused of performing a Nazi salute during a rally after President Donald Trump’s inauguration. Musk has denied the accusation, calling it a “tired” attack, while the Anti-Defamation League has defended him, stating that the gesture was likely made in a moment of enthusiasm.
However, far-right extremists have reacted to Musk’s actions with enthusiasm, with Christian nationalist and Holocaust denier Andrew Torba sharing a clip of the gesture on social media. The meme coin’s appearance has also sparked concerns about a potential rug pull, a type of scam where developers create a token, attract investors, and then abruptly withdraw all liquidity.
Despite the risks, some cryptocurrency traders are encouraging others to invest in the meme coin, seeing it as an opportunity to make a quick buck. However, experts warn that the token has a high risk of being a scam, with a Rugcheck Score of 0 indicating the highest potential risk for investors.
The launch of the Elon Hitler meme coin is the latest in a series of controversies surrounding cryptocurrencies and their association with politics. In recent months, both President Trump and First Lady Melania Trump have introduced their own tokens, leading to widespread backlash. The internet is often chaotic, but we’ll break it down for you in one daily email. Sign up for the Daily Dot’s web_crawlr newsletter here.