Musk Briefly Changes His Twitter Name to Lorde Edge, Sparks New Crypto

Mandatory Credit: Photo by BRITTA PEDERSEN/POOL/EPA-EFE/Shutterstock (11088639k)SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer award, in Berlin, Germany, 01 December 2020.

Elon Musk, who briefly changed his Twitter name to Lorde Edge, triggered a cryptocurrency of the same name to launch the same day, which saw its price quickly soar.

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“Directly following Elon Musk’s twitter name change, this token pays tribute to our one and only leader in mooning multiple projects such as DOGE, SHIB, and of course, DOGELON,” Lorde Edge coin (DOGELON) says on its website.

The Lorde Edge coin, which just started trading earlier Monday, soared more than 400% by 10:50 a.m. ET, according to pricing data from CoinMarketCap, the New York Post reports.

Today, Lorde Edge’s price was at $0.00002235, up 89% in the past 24 hours, according to CoinMarketCap. Musk also reverted his Twitter name to his own.

There has been scores of speculation as to the meaning of the name. The creator of Dogecoin, Shibetoshi Nakamoto, tweeted for example that “lorde edge is an anagram for elder doge.”

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“(this doesn’t mean it was intentional, but it is in fact an anagram,” he later added.

It’s important to note that investors should be extremely cautious about new cryptos. Earlier this month, the “Squid Game” crypto SQUID completely crashed as it was revealed it was an apparent scam, following a 33,600% surge a week prior, which had raised several red flags and had triggered a warning from CoinMarketCap.

“We have received multiple reports that the website and socials are no longer functional & users are not able to sell this token in Pancakeswap. There is growing evidence that this project has rugged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP,” CoinMarketCap said at the time.

See: ‘Squid Game’ Frenzy Inspires new SQUID Crypto, CoinMarketCap Urges Caution
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As GOBankingRates reported, this kind of theft, commonly called a “rug pull” by crypto investors, happens when the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.  Its creators cashed out, effectively stealing an estimated $2.1 million from investors.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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