Cryptocurrency

Top 3 Crypto Tokens That Have Caught Elon Musk’s Attention – Crypto News

Published

12 months ago

June 16, 2024

Dripp

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. But recently, Elon was interested in two tokens: Grok (GROK), inspired by Musk’s chatbot Grok AI, and ETFswap (ETFS), a Bitcoin ETF token currently buzzing the DeFi sector. This article talks about how ETFswap (ETFS) caught the attention of the current world’s richest man.

Crypto ETF Trading Platform ETFSwap (ETFS) Catches Elon Musk’s Attention

ETFswap (ETFS) is a crypto ETF trading platform that uses asset tokenization and blockchain technology to create a tokenized version of exchange-traded funds (ETFs). The tokenized ETFs will directly represent traditional ETFs on the blockchain, making it possible for traders to leverage real-time on-chain data to track the progress of this asset before investing.

Also, the traders will have the opportunity to use up to 50x leverage on derivatives trading on the platform; however, leverage can be dangerous, especially when used in excess, as any slight market volatility can result in the entire liquidation of the trading position.

Further, compared to traditional ETFs, tokenized ETFs will be convertible to crypto tokens and vice versa, but the conversion can only be made with ETFS, which is the platform’s native token. ETFS crypto tokens will unlock access to all the features on the network and power the ecosystem; also, it will provide yield for holders through staking, as the platform boasts over 87% annual percentage rate (APR).

No doubt its unique ecosystem and innovative idea to tokenize ETFs are part of the reason that drew Elon Musk to the project, but there is more. ETFswap (ETFS) also promises investors automatic yield on their investments in its ongoing presale. Currently, everyone can purchase the tokens at a low price of $0.01831, but soon, the token price will increase to $0.03846, resulting in profit for all who buy it now.

Dogecoin (DOGE): Elon Musk’s Favorite Among Crypto Tokens

Dogecoin (DOGE) was created in 2013 by Billy Markus and Jackson Palmer as a joke payment system. However, with time, it evolved into a key player in the DeFi sector, developing several use cases that boosted its inherent value.

However, support from Tesla and SpaceX CEO Elon Musk was among the major factors that gave the meme coin its backbone. Musk boldly tweeted about the token on Twitter (rebranded to X) in 2021. But Musk didn’t stop there; in May 2024, his EV maker Tesla officially listed Dogecoin (DOGE) as one of the accepted payment options for purchasing selected merchandise.

Also, in March of the same year, Musk hinted that Dogecoin (DOGE) could be used to purchase his electric vehicles in the future. Currently, Dogecoin (DOGE) trades at $0.149 and ranks 9th in the crypto market according to Coingecko.

Grok (GROK), An AI Inspired Meme Coin

Grok (GROK) is a meme coin not officially affiliated with Elon Musk but was inspired by Grok AI, an artificial intelligence service on the X (formerly Twitter) social media platform founded by Musk.

Due to its indirect affiliation with the Tesla CEO, Grok (GROK) surged to $160 million as its market cap just eight days after launch, and in a weeklong rally, the meme coin skyrocketed by 13,000% in value.

However, Grok (GROK) could not maintain its bullish momentum but crashed by over 70% after on-chain sleuth ZachXBT alleged the meme coin was a resurrected scam project. Currently, Grok (GROK) trades at $0.012 and ranks 517th in the crypto market according to Coinmarketcap.

Conclusion On ETFSwap Topping Elon Musk’s Favorite Crypto Tokens

Dogecoin (DOGE) may have been Elon Musk’s favorite for a long time, but ETFswap (ETFS) is also now in his focus. With support from Elon Musk, experts speculate that ETFswap (ETFS) will soon surge to $3, hinting at a 20,000% increase and a 200x yield for all early investors.

While this may look like a long shot, Elon’s support for Dogecoin (DOGE) helped it rise from barely a cent to nearly $1 during the 2021 bull run, so don’t miss out! Buy ETFS today to secure your chance of tremendous yield on investment.