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

4 min read | March 17, 2022 10:16 PM AEDT | By Raza Naqvi

Elon's Currency crypto rises over 223% in 1 week. Is it scam? — Image source: © Tomeqso2 | Megapixl.com

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.

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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