New Coin Launched to Break Elon Musk’s Influence on the Crypto Market as he Loses his Position as World’s Second Richest Man

A team of blockchain developers recently launched a coin named $STOPELON. It was affirmed that the goal of the coin was to prevent the controversial billionaire, Elon Musk from “controlling the crypto markets”. Elon Musk has not gone down well in the books of crypto community members.

Sometime last week, the Tesla CEO announced via his Twitter account that his company will no longer accept Bitcoin payments due to the weighty effects of Bitcoin mining in the energy sector.

His point stirred numerous arguments in the Twitter community, with lots of crypto folks condemning the actions of the company and tagging it as two-faced. The price of Bitcoin reacted negatively to this news too.

A huge sell-off by both individuals and institutional investors made the price of Bitcoin plummet by over 15% after the announcement.

Various crypto folks are now against the South African-born billionaire, the most recent being the STOPELON army.

On the website, the founders stated that Elon has been playing with the portfolio of crypto traders as his controversial tweets are manipulative. The developers also intend to promote the coin and even get it listed on one or more major exchanges.

The STOPELON team members also revealed that the new coin was not created for the purpose of moving the crypto markets. Rather, its goal is to stand up for the crypto community and represent public disapproval of Elon’s actions towards the crypto space.

Musk Losses Position to Arnault

While the price of Bitcoin and other crypto-assets dumped heavily, Elon was not left unaffected. The share price of his famous company Tesla dropped on Monday from around $589 per share to around $567 per share. This drop in the price of Tesla’s stock affected the ranking of Elon Musk among the world’s richest.

Bernard Arnault took over as the second richest man in the world as Elon Musk dropped to third, with an estimated net worth of $160 billion. At the moment, Arnault leads Musk with just about $1 billion worth of assets. It is still unknown whether this position will be maintained at the end of Q2 2021.

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