Fact Check: Did Elon Musk Just Shill $30 Million Cap Shitcoin?

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  • Crypto Twitter is speculating whether a Tweet from Elon Musk shilled a crypto project with just 30 million USD in market cap.
  • Oxen, formerly called Loki, used this attention for a marketing cheap shot.
  • It is very unlikely that Musk has ever heard about the relatively unknown project.

Elon Musk is known for his short and sometimes very cryptic Tweets. Crypto Twitter has understood one of them today as a shout-out to the relatively unknown crypto project Oxen. But did he really mean the privacy-focused $30 million cap project?

Was it Loki…or Oxen?

The Tweet in question only contained two words. What the now richest man on earth meant with this pun will probably remain his secret.

A relatively unknown crypto project by the name Oxen, who recently rebranded from their old name Loki, saw the opportunity for some free promotion. In the comments, many Twitter users claim that Musk meant the Melbourne-based privacy coin as well.

This Twitter user however gives a more likely explanation:

Their plan did apparently work, as Oxen’s project token (still called LOKI) saw a price hike shortly after Musk’s Tweet. LOKI is now up almost 25% daily.

24-hour price chart of Oxen (LOKI). Source: CoinMarketCap.

We Rate This Claim Pants on Fire

After the Reddit-induced bloodbath on hedge funds, Elon Musk apparently found a new hobby in pumping shitcoins. Thanks to a series of similar short Tweets about Dogecoin, the price of DOGE exploded from almost an all-time low to a new all-time high in a matter of little more than 24 hours.

While it is therefore not completely out of the question that Musk really meant the Australian privacy project with his Tweet, in all likelihood, he has never heard about Oxen, and even if he wanted to shill a $30 million cap project, he’d probably take more care in getting the name right. One thing however is certain:

 

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