Elon Musk's meme coin impact is not the past

Billionaire entrepreneur and Tesla CEO Elon Musk has been seen as the leader of Meme Coins. His recognition has caused token prices to soaring as Dogecoin (Doge).

However, his recent “Gorron Rust” performance sparked a rally that, though striking, appears somewhat bleak compared to the fanaticism of the past. As Goke failed to reach its $100 million market capitalization, market observers began to question: Will Musk's influence on meme coins weaken in 2025?

Analysts believe Elon Musk’s influence on meme coins is not as significant as before.

On May 4, Musk shared a Goke-themed image on X (formerly Twitter), triggering a surge in Solana (Sol)-based meme coins. However, it still failed to reach a market capitalization of $100 million.

"It's crazy that even Elon Musk doesn't change his PFP will have a significant impact. Golk's market value has increased from $45 million to $75 million, and is now falling back to $65 million," one analyst wrote.

Many people have similar feelings, emphasizing that the influence of Musk’s antics is declining.

"Alternative liquidity: Elon Musk has 200 million followers, publishing a meme - hardly pushing over $50 million in market cap," the analyst added.

This is not an isolated incident. In February, Musk renamed Harry Bōlz in his introduction, pushing the Harrybolz token to a market capitalization of $9.5 million.

In addition, in December 2024, when Musk recognized "Kekius Maximus" as the username, Kekius' market value was slightly higher than $88 million.

Similarly, when the CEO shared the Dogefather Meme, several similar names were created. But they can't even reach a valuation of $100 million.

Instead, Musk's ongoing support for Dogecoin often triggers a massive rally of dog-themed meme coins from 2020-2021. This adds billions of dollars in value, not just millions of dollars.

In addition to Dogecoin, many other meme coins also benefit from Musk's mentions.

“Literally, Elon is one of the most influential people in the world today, when launching the meme coin movement. He inspired/motivated the largest meme coin movement in the world today, mainly through several tweets: Doge, Shiba Inu, Floki, etc.,” a user posted in September 2024.

However, recent data tells a different story. The gap shows that Musk's influence is weakening. While he can still trigger a short-term rally for smaller tokens, pushing meme coins to $100 million or above seems increasingly difficult.

"Note how Elon Musk moved billions of dollars in market cap to billions of dollars with a tweet, and now he can't even replace PFP to add $50 million to an already super low trading meme coin. That means people are really tired from pursuing the next Meme Coin," said analyst Ajay Kashyap.

That's not all. Even if Musk does trigger a rally, the gains are often fleeting. Goke's rapid rise and fall are a good example. At press time, its market value fell to just $35 million, according to Coingecko data.

"Either this still has time to keep running, or Musk doesn't have the exact same impact on the meme coin market like Doge in 2021," another analyst said.

Elon Musk's influence on meme coins

One market observer pointed out that Elon Musk's impact on the cryptocurrency market, especially on meme coins, may not be as important now as it used to be.

The conditions for Musk's influence to reach its peak are very different from the current market. The number of meme coins in crypto spaces has surged, so the money has been distributed across numerous assets, diluting the potential impact of Musk's approval.

It should also be noted that Musk's actions usually trigger a large number of parody tokens, such as Gorklon Rust and Kekius Maximus clones, which appear on platforms like pump.fun. These counterfeits dilute the performance of the original token by splitting investor capital and sowing chaos.

It also impairs perception, as imitators are often used in pump and raincoat scams. The spread of fakes undermines trust in Musk-driven tokens, ultimately limiting their potential.

So while Musk retains the ability to generate some kind of market interest, his era alone pushes meme coins to extraordinary valuations is likely to be over.

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