Tokens such as GFY, TRUCK, and GROK, derived from Elon Musk’s products and recent statements, have appeared on blockchains such as Ethereum.
This is a tiring trend that has plagued the crypto industry for years. Opportunistic developers are quickly building up large amounts of tokens, inspired by hot concepts.
“Go F**K Yourself”, derived from Cybertruck, etc.
Lately, Elon Musk, one of the most influential figures in the crypto industry, has been a hot topic, at least among those obsessed with meme coins. Hundreds of tokens were created this week inspired by Musk’s controversial words, some with market capitalizations of more than $25 million (approximately 3.625 billion yen, equivalent to 145 yen to the dollar).
GFY, which stands for “Go F**K Yourself,” is at the top of the list. The tokens were issued by an unknown party shortly after Musk made these words in a Nov. 29 interview about advertisers leaving his social network X (formerly Twitter).
Since then, over 250 GFY tokens have been issued on several networks, mainly Ethereum, Solana, BNB Chain, and Arbitrum. The market capitalization of these tokens ranges from less than $15,000 to more than $25 million. About 4,000 people traded $19 million worth of the largest token in the past 24 hours.
Anyone can issue tokens on Ethereum (or other blockchains) relatively easily. It usually costs just a few cents. Furthermore, such tokens can be issued on decentralized exchanges (DEXs) essentially instantly, and given the way DEXs operate, they essentially guarantee liquidity for those who wish to trade.
A number of TRUCK tokens have appeared, which are also clearly associated with Musk. Musk’s automaker Tesla began shipping its electric pickup truck, the Cybertruck, this week.
These follow on from GROK, a token that appears to be named after the GrokAI chatbot built by xAI, a division of X. GROK soared more than 10,000% after its publication in early November, only to fall 50% after it was revealed that the developer had been involved in a failed project.
Why meme coins are popular
Over the past year, meme coins related to late investor Charlie Munger and hamster racing have also emerged. Some professional investors say meme coins and their narratives will always remain part of the crypto ecosystem.
“Meme coins are becoming a big part of the crypto trading environment, whether we like it or not,” James Wo, founder of crypto fund DFG, said in an interview on Telegram. “The largest currencies like Bitcoin (BTC) and Ethereum (ETH) have very low volatility, so it’s natural for traders to seek opportunities elsewhere.”
Wu added: “Trading meme coins is a risky way of trying to chase excessive returns, but if done well, the upside can be very large. Therefore, even in a bear market, short-term Even so, some meme coins will rise significantly.”
｜Translation and editing: Rinan Hayashi
｜Image: Steve Jurvetson/Wikimedia Commons
｜Original text: Elon Musk-Inspired ‘Go F–K Yourself,’ Cybertruck Tokens Surge Among Microcap Punters