The biggest cryptocurrency gainer today on Uniswap is Elon Musk (MUSK), but he has some red flags: According to DEXTools, the new meme token has a blacklisting feature in its smart contracts.
As of this writing, $MUSK is up almost 30,000%; large percentage gains in the space of a few hours are often due to low liquidity, rather than actual buying volume and demand.
What is the Elon Musk (MUSK) token?
Elon Musk’s crypto asset was listed on Uniswap on July 1, has approximately $130,000 in liquidity and $70,000 24-hour volume. Its market capitalization is $1.2 million, with 180 holders and a DEXT score of 86/99.
Previous rugpulls, like PepeHUB last week, have had a blacklist feature, in which certain wallet addresses are not allowed to trade normally.
For example, certain holders may not be able to sell, which could explain how the price of $MUSK continues to rise and why the $MUSK token is among the top cryptocurrency gainers today.
The MUSK coin is not yet listed on CoinMarketCap, although other unrelated Elon Musk (MUSK) assets are, which also turned out to be scams.
The token description in DEXTools for the $MUSK coin says:
“$MUSK – Risk taking and imagination are keys to success. Take the risk or regret it!”
New meme coins that Elon Musk has interacted with
A longtime advocate of Bitcoin, Dogecoin, and cryptocurrencies in general, Elon Musk has not mentioned the $MUSK token.
A new meme coin that we recently reviewed here at CryptoNewsElon Musk has engaged with, at least by responding to his memes on Twitter, is Street Street Memes (WSM).
While it is unclear if Elon Musk is aware of the $WSM token and its upcoming release on Uniswap, he responded to the @wallstmemes Twitter account three times.
Read our full Wall Street Memes project review here.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
