What is ELON BUYS TWITTER (EBT)?
Elon Musk announced that he would buy Twitter on April 14, 2022. The deal eventually fell through (though it could be back on the table in October), but this did not stop a memecoin from launching that revolved entirely around the idea of the tech billionaire buying the social media platform.
What is ELON BUYS TWITTER (EBT)?
ELON BUYS TWITTER was a memecoin on the Binance Smart Chain. We are using the word “was” because the website for the project (elontwitter.net) went offline.
The token launched on April 22nd, 2022, which was eight days after Musk announced he would buy Twitter. The token did not have any utility – it was nothing more than a memecoin.
For those unaware, a memecoin is a cryptocurrency token that revolves around a meme of some sort. The most popular memecoin is Dogecoin, which Elon Musk has voiced his support for in the past.
The current reality with memecoin, however, is that anytime a major meme worthy event makes the news a cryptocurrency project will launch that revolves around that project. We saw this with memecoins like Kevin Token, Squid Game Token, and Grimace Coin.
All the above projects had their 15 minutes of popularity before fading to irrelevancy and a $0 trading volume.
The same thing happened with ELON BUYS TWITTER (EBT). However, the project did see a small bump in trading volume recently when Musk mentioned that he will likely buy Twitter within the next few weeks as a result of the lawsuit brought on by Twitter.
Is ELON BUYS TWITTER (EBT) a Good Investment?
No, ELON BUYS TWITTER is a terrible investment. The website for the project is currently offline, which is always a bad sign.
That typically means the founders scammed and are deleting all traces of the project. It could also be hosting issues, but we find that hard to believe for this type of project.
One look at the price chart tells us everything we need to know about the future of this project:
That’s the price chart of a project that rugged.
Now, you might see people on Twitter mentioning that EBT is a decent investment – those people are most likely bots whose owners are simply trying to pump the price. The website for this project does not even work, so it’s obvious the founders have given up on the project.
That’s really the only explanation for the large amount of shilling that this project has received on Twitter.
Are Memecoins Ever a Good Investment?
There are some cryptocurrency enthusiasts that truly believe in memecoins – Elon Musk being one of them. Unfortunately, we do not fall into that camp.
We simply do not see the utility of memecoins. The utility of Bitcoin is already low in our opinion, so it’s difficult to make the case for a cryptocurrency that is nothing more than Bitcoin, but with memes.
Supporters of memecoins cite examples like Shiba Inu and Dogecoin as markers of success. However, if the only selling point of a cryptocurrency is, “This will be the next [coin]”, then it’s probably not going to succeed.
Shiba Inu and Dogecoin were successful because they focused on building a community rather than trying to make money. Tokens like ELON BUYS TWITTER are not focused on building a community.
How are you going to build a community around Elon Musk buying Twitter?
You cannot build a community around that. It’s simply a case of people buying into the project because they think it will increase in price. People keep doing that until no more people buy the project and it collapses.
In the case of ELON BUYS TWITTER the founders may have also rugged, but the point still stands that these projects see quick, fast success before crashing within a week or two.
The Proper Way to Invest in Memecoins
We are not believers in memecois as an investment, but there is a way to make money with them. Basically, you need to be one of the first investors in the project and sell before the price crashes.
This is easier said than done as thousands of cryptocurrencies launch each month and most never gain any traction. You may also not be at your computer when the price spikes and the spike may only last a few hours.
It’s a difficult niche to make money in, so we recommend just avoiding it.
To summarize, ELON BUYS TWITTER is a memecoin project that had its 15 minutes of fame before quickly fading. It is certainly not a cryptocurrency project worthy of an investment.