Musk's Clout Over Meme Tokens Called Into Question: Experts Offer Their Insights
Elon Musk and Memes: Still a Force, But Losing Steam?
The man who once had the power to send Dogecoin (DOGE) skyrocketing with just a tweet, Elon Musk, now faces skepticism regarding his influence over meme coins. His recent "Gorklon Rust" stunt may have caused a stir, but it's nothing compared to the frenzies of yesteryears.
Is the Kingmaker of Meme Coins fading? Let's delve into it.
In early May, Musk flaunted a GORK-themed profile picture on X, sparking a surge in the Solana (SOL)-based GORK meme coin. Yet, despite this heavy buzz, GORK failed to reach a $100 million market cap, causing analysts to question the longevity of Musk's reign over meme coins in 2025.
"GORK went from $45 million to $75 million market cap, and now back to $65 million. Elon Musk changing his pfp doesn't seem to have a significant impact anymore," an analyst noted.
This sentiment was echoed by others who highlighted the dwindling power of Musk's antics.
In February 2025, when Musk briefly rebranded as Harry Bōlz, he could only drive the HARRYBOLZ token to a lackluster market cap of just $9.5 million. Contrast this with December 2024, when Musk's endorsement of "Kekius Maximus" as a username pushed the KEKIUS market cap to a decent $88 million.
However, this isn't always the case for memes favored by Musk. In 2020-2021, his continuous support for DOGE often led to substantial rallies, adding billions to its value. Similarly, numerous other meme coins flourished following Musk's mentions.
But times are changing, and so is Musk's influence. Recent data suggests a less scalable impact. While he can still spark temporary price hikes for smaller tokens, the days of pushing meme coins past the $100 million mark seem increasingly out of reach.
"Elon Musk used to move billions in market cap with a single tweet. Now, changing his pfp can't even add $50 million to already low-cap trading coins. It means people are getting tired and moving on from chasing the next meme coin," analyst Ajay Kashyap stated.
Fleeting gains are a recurring theme. Witness the rise and fall of GORK, whose market cap has dipped to just $35 million at press time, according to CoinGecko data.
Despite this shift, Musk remains a market mover. But his power seems to be diluted by the sea of meme coins that have emerged since, dragging investor attention and capital across various assets.
These copycat tokens, born on platforms like Pump.fun, dilute the performance of the original token by splitting investor capital and sowing confusion. What's more, these knockoffs frequently turn out to be pump-and-dump schemes, further undermining trust in Musk-driven meme coins.
In short, while Musk still retains the ability to generate interest, the era of him single-handedly propelling meme coins to extraordinary valuations may well be behind us.
Now, go forth and trade with enlightenment!
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- Elon Musk, once capable of skyrocketing Dogecoin (DOGE) through a tweet, now faces skepticism over his influence on meme coins.
- In early May, Musk revamped his profile picture on X, causing a surge in the Solana (SOL)-based GORK meme coin, but the coin failed to reach a $100 million market cap, a concern for future longevity in 2025.
- An analyst noted that despite Musk's GORK stunt, the impact seems insignificant, raising questions about the endurance of his reign over meme coins.
- More analysts echoed this sentiment, highlighting the dwindling power of Musk's antics.
- In February 2025, Musk's rebranding as Harry Bōlz led to a modest $9.5 million market cap for the HARRYBOLZ token, significantly less than the $88 million market cap hit by "Kekius Maximus" in December 2024, due to Musk's endorsement.
- Despite this trend, Musk remains a market mover, but the era of him single-handedly propelling meme coins to extraordinary valuations seems to be fading.
- Current data suggests a less scalable impact, with temporary price hikes for smaller tokens being the norm, rather than pushing meme coins past the $100 million market cap mark.
