Top 3 Crypto Tokens That Have Caught Elon Musk’s Attention
It is known in the blockchain industry that Tesla CEO Elon Musk is bullish on Dogecoin (DOGE), one of the top crypto tokens leading the meme coin rally. Recently, Elon Musk has also shown interest in Grok (GROK), inspired by Musk’s chatbot Grok AI, and ETFswap (ETFS), a Bitcoin ETF token currently creating a buzz in the DeFi sector.
ETFswap (ETFS) Catches Elon Musk’s Attention
ETFswap (ETFS), a crypto ETF trading platform, uses asset tokenization and blockchain technology to create a tokenized version of exchange-traded funds (ETFs). These tokenized ETFs represent traditional ETFs on the blockchain, enabling traders to leverage real-time on-chain data to track asset progress before investing.
Traders can use up to 50x leverage on derivatives trading on the platform. Leverage can be dangerous, especially when used in excess, as market volatility can result in the entire liquidation of trading positions.
Unlike traditional ETFs, tokenized ETFs can be converted to crypto tokens and vice versa using ETFS, the platform’s native token. ETFS tokens unlock all features on the network, power the ecosystem, and offer yield for holders through staking, with the platform boasting an over 87% annual percentage rate (APR).
The unique ecosystem and innovative idea to tokenize ETFs have drawn Elon Musk to the project. ETFswap (ETFS) also promises investors automatic yield on investments during its ongoing presale. Currently, tokens can be purchased at a low price of $0.01831, but soon the price will increase to $0.03846, potentially resulting in significant profits for early buyers.
Dogecoin (DOGE): Elon Musk’s Favorite Among Crypto Tokens
Dogecoin (DOGE), created in 2013 by Billy Markus and Jackson Palmer as a joke payment system, has evolved into a key player in the DeFi sector with several use cases boosting its inherent value.
Support from Tesla and SpaceX CEO Elon Musk has been a major factor in Dogecoin’s rise. Musk boldly tweeted about the token on Twitter (rebranded to X) in 2021. In May 2024, Tesla officially listed Dogecoin (DOGE) as a payment option for purchasing selected merchandise. Musk also hinted that Dogecoin (DOGE) could be used to purchase his electric vehicles in the future. Currently, Dogecoin trades at $0.149 and ranks 9th in the crypto market.
Grok (GROK), An AI Inspired Meme Coin
Grok (GROK), though not officially affiliated with Elon Musk, was inspired by Grok AI, an artificial intelligence service on the X platform founded by Musk.
Due to its indirect affiliation, Grok (GROK) surged to a $160 million market cap just eight days after launch and skyrocketed by 13,000% in value during a weeklong rally. However, Grok (GROK) could not maintain its bullish momentum, crashing by over 70% after on-chain sleuth ZachXBT alleged the meme coin was a resurrected scam project. Currently, Grok trades at $0.012 and ranks 517th in the crypto market.
Conclusion On ETFSwap Topping Elon Musk’s Favorite Crypto Tokens
Dogecoin (DOGE) has long been Elon Musk’s favorite, but ETFswap (ETFS) is now also in his focus. With Elon Musk’s support, experts speculate that ETFswap (ETFS) could surge to $3, hinting at a 20,000% increase and a 200x yield for early investors.
While this seems like a long shot, Elon’s support for Dogecoin helped it rise from barely a cent to nearly $1 during the 2021 bull run.
