Elon Musk’s "Harry Bōlz" Name Change Sparks Memecoin Frenzy

Elon Musk's brief Twitter name change to "Harry Bōlz" triggered a frenzy in the cryptocurrency market, fueling massive volatility in Solana-based memecoins.

A token named HARRYBOLZ, launched on February 7, surged to $0.025 with a $25 million market cap before crashing by 97% to $0.0008 after Musk reverted his name. Despite the collapse, the token saw nearly $100 million in 24-hour trading volume, according to DEX Screener.

A notable trader, "LeBron," known for profiting from TRUMP and MELANIA memecoins, capitalized on the hype. He bought 128.8 million HARRYBOLZ tokens for 25 SOL ($4,900) and later sold 109.9 million for 3,649 SOL ($737,000), per Lookonchain data.

Another Solana-based HarryBolz token spiked to an $8.4 million market cap before plunging over 99% to $75,000. Its top trader secured around $10,000 in profits. Numerous copycat tokens followed the same pattern—rapid surges followed by sharp crashes, albeit with lower trading volumes.

Musk’s social media influence continues to drive speculative trading, underscoring the memecoin market’s high-risk, high-reward nature.