Since Dogecoin’s (CCC:DOGE-USD) surge to 43 cents earlier this month, the popularity of meme cryptos is through the roof. Dogecoin has spawned dozens of other coins with ridiculous names trying to draw investor attention. We are reaching peak levels of absurdity with a new DOGE competitor, which takes its namesake from an Elon Musk tweet: Egod (CCC:EGOD-USD). The Egod crypto is actually cooking up some good gains too, thanks to its self-proclaimed effort to win the “battle of the memes.”
Egod is the newest altcoin that is driving investors entirely through its absurdity. The token, whose logo is simply a reversed Doge logo with glowing eyes, derives its name from an Elon Musk Twitter moment:
Naturally, when the Tesla (NASDAQ:TSLA) meme lord speaks, his followers respond. In this case, a very ambitious Musk follower saw their opportunity to enter the crypto game as a Doge competitor. It only gets more absurd from here.
Doge spelled backwards is Egod
— Elon Musk (@elonmusk) March 6, 2021
The Egod Twitter account popped up on #DogeDay, on April 20. The account has a total of 60 followers, and only posts memes about a battle of Doge v. Egod. The Egod crypto website, a much more cleaned up and legitimate front for the altcoin, has the real information. According to the site, 420 million EGOD tokens were minted and placed on the Uniswap (CCC:UNI-USD) exchange — naturally, at 4:20 pm on April 20.
Egod Crypto Immediately Breaks Out After Hitting Uniswap
For its six days of existence, and despite its total lack of seriousness as compared to the heavy hitters of the crypto industry, Egod has been stunning investors. It has appreciated in value by over 10,000% since the April 20 listing. Its market capitalization just topped $2 million. The website calls the Egod crypto a “purely speculative” token. In fact, it says it is only for entertainment.
That is not stopping bulls. Egod has delivered up some massive gains for those in on the very obscure joke. Not bad at all for a meme.
Egod crypto is currently trading at the 8-cent mark.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.