Elon Musk is not just an electric vehicle magnate or a space exploration pioneer; he’s also an infamous meme connoisseur. Musk has used his internet humor to pump cryptocurrencies and drain others. However, his tweet today is a little more esoteric, and it’s sending investors on a hunt for a crypto called Dogecoin Polytopia (CCC:POLYTOPIA-USD). The Polytopia crypto news is causing some serious confusion this morning.
So what do you need to know?
Musk’s tweet this morning is a little odd. It’s an older meme, showing one man’s deep interest in his laptop screen. The bottom panel shows the screen, photoshopped to show a candlestick chart for something called Dogecoin Polytopia.
It’s not clear at all what Musk is talking about with this ‘Polytopia’ reference. There are no well known-altcoins bearing the Polytopia name. However, there is a turn-based strategy game called Battle for Polytopia that is included in Musk’s Tesla (NASDAQ:TSLA) cars. It’s most likely that he was referencing the game here.
— Elon Musk (@elonmusk) July 2, 2021
Polytopia Crypto News: New Coins Crop Up En Masse
Regardless of whatever references Musk was trying to pull together with the meme, investors made the most of the opportunity. Only minutes after the tweet, a new crypto popped up on BSCScan, called Dogecoin Polytopia. And in the three hours since the tweet, the token has seen nearly 2,000 unique transactions on the PancakeSwap (CCC:CAKE-USD) DEX — the only place where the crypto is listed. There are already over 750 holders as well for the token, which has a total supply of 1 trillion tokens.
The Binance (CCC:BNB-USD) Smart Chain-based token is so new that it does not have a flagship website, nor are essential statistics available on BSCScan; one cannot see the circulating supply, the market capitalization, or any sort of roadmap.
Dogecoin Polytopia isn’t alone, either. There are already handfuls of tokens popping up with the same name or some variation of it, like one called simply Polytopia. The Polytopia crypto news is just yet another reminder of the large and very odd influence Elon Musk has over the altcoin investing community.
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On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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