Elon Musk's Name Change Boosts Solana Meme Coins

Elon Musk, the world's wealthiest individual and CEO of Tesla and SpaceX, has once again sparked a wave of interest in the cryptocurrency world by changing his name on the social media platform X to Harry Bōlz. This move has sent two Solana-based meme coins of the same name soaring, with one lucky trader turning a $156 investment into a staggering $52,000 profit.

Musk's decision to rename his X account on Tuesday morning comes as no surprise, given his history of adopting the Harry Bōlz moniker. In April 2023, he first changed his name to Harry Bōlz, stating that he was doing so to encourage media outlets to refer to him by that name. This time, however, the name change may be a nod to Edward Coristine, a Musk acolyte known as "Big Balls," who has taken on senior advisory roles at the State Department and the Department of Homeland Security. Coristine previously worked for Musk's Neuralink startup and currently holds a position in DOGE, a new government arm focused on reducing spending.

Despite concerns raised by a U.S. official regarding Coristine's past dismissal from an internship for leaking internal information, Musk continues to support him. The Harry Bōlz name change is believed to be a show of solidarity with Coristine. This shift in Musk's social media presence has had a significant impact on the cryptocurrency market, with two meme coins skyrocketing in value.

One of the Harry Bolz (HARRYBOLZ) tokens, which had been live since February 7, experienced a 54,637% increase in market cap, from $45,900 to $25.14 million, within just one hour on Tuesday. Although the token's value has since fallen to $8.5 million, early investors have reaped substantial profits. One trader, who bought the token on its launch day and held it until the name change, realized a profit of $343,800. Another trader, who invested $156 over the first two days of the token's launch, has now made $52,000 in profit.

A second Harry Bōlz (HARRYBOLZ) token, with a nearly $3 million