Elon Musk (MUSK) is Top Crypto Gainer Today on DEXTools - Scam Token?

Elon Musk (MUSK) is Top Crypto Gainer Today on DEXTools – Scam Token?

Updated: 09 July 2023

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The new coin on Uniswap Elon Musk ($MUSK) is the top crypto gainer today but has a blacklist function, according to the automatic audit results on DEXTools. Despite the common occurrence of memecoins with speculative characteristics, one particular token, Elon Musk ($MUSK), has been rapidly gaining popularity. This surge in interest means that more people might be tempted to invest, but it also exposes them to the risk of potential financial losses.

Following the market crash, the cryptocurrency industry experienced a period of relative quietude before resurging in popularity at the beginning of 2023. Bitcoin and other top altcoins also witnessed price increases. However, it is the memecoins that have been reaping substantial gains lately. Elon Musk ($MUSK) falls into this category as well.

Nevertheless, unlike some other memecoins that manage to maintain their prices and community support, Elon Musk ($MUSK) seems to have already eroded the trust of many investors due to the revelation of its blacklist function.

Automatic Audit Reports Show a Blacklist Function on MUSK

Elon Musk coin, as of now, is not listed on popular crypto aggregators like CoinmarketCap or CoinGecko. Instead, it is being tracked on DEXTools, where a Blacklist function has been identified for the token. This function typically indicates that the contract may not be optimized for smooth trading. Surprisingly, this seems to not have been a major problem for many, since the token is currently the top gainer on DEXTools.

While the token is available for trading, there may be difficulties for some investors in executing their trades seamlessly. This issue can be highly problematic since the growth and success of the project depend on how investors perceive it as an asset. If sellers encounter obstacles in selling their MUSK tokens according to their preferences, it can significantly tarnish the token’s reputation.

Scam coin cant sell

— God_Is_Almighty (@MeirEdri5) July 8, 2023

Furthermore, some investors have expressed concerns and labelled the token as a potential scam since they were not able to sell their holdings. Surprisingly, most of these comments were found in the project’s official website’s comment section. Thus, despite attracting a considerable number of holders within a short period, essential details that would substantiate the legitimacy of the project remain unclear and ambiguous.

About the Elon Musk Crypto Project

MUSK made its debut on Uniswap on July 1st. Initially, the price remained relatively stagnant for a few days. However, on July 8th, the price of MUSK suddenly skyrocketed, despite the lack of apparent indicators of its potential. The project’s website is quite bare, featuring only an image of Elon Musk, the tech billionaire, alongside his quote about the importance of risk-taking and imagination.

As of the time of writing, the project is trading at approximately $0.0545 with a market capitalization exceeding $1.9 million. This represents an astounding increase of over 45,000%. It’s worth noting that this surge occurred without exposure on other listed exchanges or significant media coverage.

However, considering the issues with its contract, as mentioned earlier, it is plausible to anticipate a potential decline in the token’s value. While some investors may view it as an opportunity for quick gains, it remains an extremely risky endeavour that could lead to substantial losses.

Best Alternative Project with Massive Potential – WSM

Investors are now turning their attention to a recently launched project called Wall Street Memes as a potential alternative to MUSK, which many believe to be a scam. Unlike MUSK, Wall Street Memes has already established its position within the memecoin industry as a strong candidate for top gainers.

Literally

— Elon Musk (@elonmusk) March 18, 2023

In fact, Elon Musk himself has replied to tweets from the project’s Twitter handle on several occasions. Wall Street Memes is a memecoin that draws inspiration from the GameStop debacle, where the Wall Street Bets Reddit community played a significant role in moving the market. The project gained massive popularity during its launch, thanks to its substantial existing social media following on various platforms like Instagram and Twitter.

Considering all these factors and the likely downfall of MUSK, investors are now flocking to the Wall Street Memes website to secure the token as early as possible. The project is currently in its presale stage, which presents an opportunity for investors to acquire the token at a discounted price if they purchase it now.

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