Earlier this month, Tesla (NASDAQ:TSLA) and SpaceX CEO Elon Musk offered to buy social media giant Twitter. In response to the news, a new memecoin appeared called ‘ELON BUYS TWITTER’ (EBT). Additionally, at the time of writing the EBT token showed a massive 24-hour surge of 4250.90% at $0.000003554, according to CoinMarketCap.
Source: EBT/USDT CoinMarketCap
Moreover, the memecoin attracted people looking for a quick profit scheme. In fact, the so-called team behind EBT has Elon Musk images on their profile picture on their website.
Furthermore, the token creators claim that the ELON BUYS TWITTER aims to give meme creators a chance to earn and gain a stipulated revenue for their works. Likewise, the token positions itself as a means of providing financial independence to meme creators.
Their website stated:
But interestingly the developers do not clarify how they would go about doing that.
Moreover, experts believe that the token is nothing but an elaborate pump and dump scheme and investors should beware while investing in such meme coins on decentralized exchanges (DEX).
On the other hand, after Elon Musk purchased Twitter, more Dogecoin fans threw their own ideas on what cryptocurrency-related changes will take place.
For instance, Matt Wallace, a crypto YouTuber with almost 600,000 followers on Twitter, wrote.
Notably, Musk’s spontaneous nature to take over Twitter himself makes it difficult to foresee what happens next.
Source: Cryptocurrency - investing.com
