- GORK meme coin spikes 100% after Elon Musk changes name to “Gorklon Rust”
- GORK retraces after $72M peak as market questions Musk’s lasting impact
- TRUMP token drops 85% amid ethical backlash, calls for Senate probe grow
Elon Musk stirred up the crypto world again, this time just by changing his name on X. His switch to “Gorklon Rust” – a playful reference to his Grok AI chatbot from xAI – immediately set off a familiar meme coin scramble.
Almost instantly, a new Solana-based meme coin, GORK, took off like a SpaceX launch. The token rallied nearly 100% within 24 hours, reaching an all-time high of $0.083 on May 4th, before pulling back to around $0.06274.
While speculation rages that Musk’s xAI team may be behind the parody launch, no confirmation has been made.
GORK Price Cools Off
Since the sharp rise at the start, GORK’s price has since started to bleed. Its market cap, which had peaked at $72 million, now hovers around $68 million.
Technical indicators such as RSI, ranging between 58 and 60 on the daily chart, suggesting that bullish momentum still lingers but bears are taking over.
Crypto influencer Yang Ge predicted months ago that TRUMP would be the last meme coin to gain value purely from hype, warning that the market would eventually become immune to celebrity gimmicks.
Related: Elon Musk Warns of Rising Crypto Scams and Fake Profiles Targeting Investors
“There is no bigger name to shout at,” he said, suggesting that meme coin culture has hit a ceiling—and that Musk’s antics are starting to feel more clownish than catalytic.
Recycled Three-Step Ritual
Even Musk’s carefully choreographed three-step ritual—follow, name change, avatar swap—feels recycled, and this time it didn’t deliver the fireworks expected. According to insider speculation, his account is now run by a team.
Some suggest Musk may be taking “influencer gigs” to stay relevant—or, humorously, to “pick up girls.”
Meanwhile: TRUMP Token Faces Ethical Questions
Separately, the TRUMP token saw its own share of volatility and controversy. The token jumped 50% after a dinner contest for its top holders was announced, only to crash over 85% from its all-time high of $75.35. Still, insiders raked in nearly $900,000 in trading fees in just two days, according to Chainalysis.
Related: OpenAI Ups Ante vs Musk by Reportedly Testing Its Own X-Like Social App
With 80% of the $TRUMP token supply controlled by the Trump Organization and allies, critics argue the project blurs ethical lines between politics and profit. Senators like Chris Murphy and Elizabeth Warren have even urged an investigation, calling it “pay-to-play” corruption.
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