Is Elon Musk’s Influence on Coin Memes Starting to Fade?
Jakarta, Pintu News – In the beginning, Elon Musk was known as a figure who could move the crypto market with just a few tweets. However, analysts now claim that his influence on the coin meme is not as great as it used to be. This change is evident from some of the recent events involving him and the market’s reaction to them.
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Musk’s Change of Influence: The Latest Case
On May 4, Elon Musk changed his profile picture on X to a “Gorklon Rust” theme, which triggered a rise in the value of the Solana-based GORK meme coin . However, the rise did not manage to reach a market capitalization of $100 million.
Analysts noted that GORK only rose from $45 million to $75 million before dropping back down to $65 million. This suggests that Musk’s profile picture changes no longer have the significant impact they once did.
In other instances, such as when Musk used the name “Harry Bōlz” in February 2025, the HARRYBOLZ token only reached a market capitalization of $9.5 million.
In December 2024, Musk’s endorsement of the username “Kekius Maximus” was only able to push the market capitalization of KEKIUS slightly above $88 million. This shows a decline in Musk’s ability to influence the meme coin market in a big way.
Read also: Ethereum Pectra Upgrade: Will It Bring ETH Price to $2,000?
Short-term Influence and Token Cloning
While Musk can still trigger short-term price increases for small tokens, his ability to push meme coins to or beyond $100 million seems increasingly difficult.
A recent example is GORK, which experienced a rapid rise but then fell to a market capitalization of only $35 million. This shows that even if there are gains, they often don’t last long.
In addition, whenever Musk makes a move in the market, copycat tokens often try to replicate the success of the original. These tokens divide investors’ attention and usually end up as pump-and-dump schemes.
The presence of these clones undermines the market’s perception of Musk-driven tokens, limiting their potential to reach higher valuations.
Also read: Michael Saylor Advises Microsoft to Invest heavily in Bitcoin, Why?
Changing Market Conditions
The market conditions at the height of Musk’s influence were very different from today. The crypto space has seen a surge in the number of meme coins, which has led to funds being spread across many assets.
This reduces the potential impact of Musk’s endorsement. Market analysts emphasize that Musk’s impact on the crypto market, particularly on meme coins, will likely not be as great as in the past. The market has also become more mature and investors have become more cautious.
They now pay more attention to fundamentals rather than just following trends fueled by famous personalities. This means that while Musk still has the ability to generate market interest, it’s likely that the era where he could single-handedly push meme coins to incredible valuations is over.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- BeInCrypto. Musk’s Influence on Meme Coins Fading by 2025. Accessed on May 8, 2025
- Featured Image: Britannica
