Elon's Currency crypto rises over 223% in 1 week. Is it scam?

Highlights:

• As per the whitepaper, ELOC crypto is the official Currency of Elon Musk, and it aims to rank among the top 100 cryptocurrencies.
• Elon's Currency is a BEP-20 token based on the Binance Smart Chain.
• Elon's Currency claims to have features like non-fungible tokens (NFTs) and staking, among others.

Elon's Currency (ELOC), a relatively new cryptocurrency in the market, appears to have caught the attention of crypto enthusiasts. The interest in the virtual currency could be due to its name, which features the first name of Tesla boss Elon Musk.

Elon Musk is an America-based billionaire entrepreneur and is known to have founded companies like PayPal, Tesla, and SpaceX, among others. Also, apart from his innovative business ideas, he is considered a crypto influencer and is vocal about cryptocurrencies.

After declining rapidly since the beginning of the Russia and Ukraine war, it appears that the cryptocurrency market is recovering. At 5:30 AM EST, the global crypto market cap was up 1.8 per cent to US$ 1.82 trillion.

According to CoinMarketCap data, the price of Elon's Currency crypto was up 48 per cent to US$ 0.001609 per token. Meanwhile, the volume was 61 per cent to US$ 2.7 million. 

What is Elon's Currency crypto?

As per the whitepaper, ELOC crypto is the official currency of Elon Musk, and it aims to rank among the top 100 cryptocurrencies. Also, it has a mission to become a means of payment for Tesla and other businesses.

Elon's Currency is a BEP-20 token based on the Binance Smart Chain. The project's whitepaper does not mention details of the founders of this cryptocurrency.

The project comprises several features like anticipating the PayPal of cryptocurrency (ELOF). The whitepaper mentions that the ELOF feature can help users send crypto to people using their username or email address.

Also Read: What is Celo crypto and why is its price skyrocketing?

The network claims that if a receives does not claim the funds, the sender will have a safety feature of cancelling the funds and getting back the money in his or her wallet.

Elon's Currency also claims to have features like non-fungible tokens (NFTs), staking and giving a Tesla to a top holder of ELOC crypto every quarter.

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The project also claims to give US$ 100 per day to a person who designs the best SpaceX animation graphic.

Bottom line

Although the cryptocurrency is recording a price surge and has catapulted over 223 per cent in the last seven days, crypto enthusiasts should be wary of Elon's Currency.

The whitepaper claims that it is the official Currency of Elon Musk. However, we couldn't find anything that associates this virtual Currency with the Tesla boss.

Also Read: Why Waves (WAVES) crypto rallied around 100% in a month?

Also, giveaways like a Tesla and US$ 100 per day appears to be red flags, and it is advisable for investors to do research and exercise caution before getting hold of ELOC crypto.

Also Read: What is Radix (XRD) crypto and why is it rising suddenly?

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