Today, the most significant cryptocurrency gaining traction on Uniswap is Elon Musk (MUSK).
However, caution is advised as DEXTools reveals that this new meme token incorporates a blacklist function within its smart contracts.
As of the time of writing, $MUSK has experienced an astronomical surge of approximately 30,000%.
It is crucial to note that such substantial percentage gains over a short period are often attributed to low liquidity rather than genuine buying volume and demand.
READ MORE: Former BitMEX CEO Says Bitcoin Will Reach $760,000 as Currency of Artificial Intelligence
What is the Elon Musk (MUSK) Token?
The Elon Musk cryptocurrency asset made its debut on Uniswap on July 1st and currently boasts a liquidity pool of approximately $130k, with a 24-hour trading volume of $70k.
The market capitalization stands at $1.2 million, with 180 holders. Furthermore, it possesses a DEXTscore of 86/99.
Blacklist Function and Past Concerns
It is essential to acknowledge that previous rugpull incidents, such as the case of PepeHub earlier this week, involved the utilization of a blacklist function.
This particular function prevents specific wallet addresses from engaging in normal trading activities.
Therefore, it is plausible that some holders may be unable to sell, which could potentially account for the continuous price surge of $MUSK.
These circumstances contribute to the token’s status as one of the leading gainers in the cryptocurrency market.
At present, $MUSK coin has yet to secure a listing on CoinMarketCap.
However, it is worth mentioning that other unrelated assets associated with Elon Musk (MUSK) have appeared, and unfortunately, many of these have turned out to be scams.
The DEXTools description of $MUSK coin states, “$MUSK – Risk-taking and imagination are keys to success. Take a chance or regret it!”
Although Elon Musk, a long-time advocate of Bitcoin, Dogecoin, and cryptocurrencies in general, has not directly addressed the $MUSK token, he has recently engaged with another meme coin known as Wall Street Memes (WSM).
Musk has responded to tweets featuring memes from the @wallstmemes account on Twitter on three separate occasions.
While it remains unclear whether Elon Musk is aware of the upcoming launch of the $WSM token on Uniswap, his interactions with the @wallstmemes account indicate his involvement in the meme coin sphere.
