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Elon Musk is responsible for a meteoric rise of yet another crypto token. As opposed to the usual dog coins Dogecoin and Shiba Inu, this time, the Tesla CEO managed to boost a completely new token in the crypto market. Named $EDGELON or Lord Edge, the token takes its inspiration from Elon Musk’s latest stint on Twitter.

Musk changed his name to Lorde Edge on Twitter on Monday, sparking a discussion among the Twitterati on the possible reason of the change of name. While most were busy sharing their thoughts on the topic, some were quick to come up with a way to benefit from the hype. A new cryptocurrency was created with the name Lorde Edge.

Of course, Musk is not associated with the token at all. Though Lorde Edge token seems to be a fan token of sorts for the much-celebrated entrepreneur. On its website, which came up within a day, Edgelon has been mentioned to be “the first of its kind token celebrating the Dogefather and crypto CEO, Elon Musk!”

Not just the website, the developers behind the new token seem to go full throttle on its promotion online. Voice call is also up for the token already, along with a community on Telegram and a big marketing plan in place. Memes, giveaways, NFTs are all part of the plan. The developers have even come up with a white paper already, to share the future plans for the crypto token.

As per an update on the website after 24-hours of the token going live, Edgelon seems to have a total of 1000 holders. The website also mentions that there are one trillion tokens as of now, 50 per cent of which will be burned forever. 10 per cent of the tokens will be used for development and redistribution.

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

The hype, thus, is evident around the token, thanks to Elon Musk. Though experts have repeatedly advised 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. The recent scam with a crypto token named after Squid Game is a stark reminder of that. You can read all about it here.

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India today

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