Huobi, a leading cryptocurrency exchange, has established a trading competition it calls “Elon-Promoted Meme Tokens Trading Contests.”
The five cryptocurrencies at the centre of the trading competition are ArbDoge AI (AIDOGE), Dogecoin (DOGE), Pepe (PEPE), Milady Meme Coin (LADYS), and Floki (FLOKI).
The contest will run from May 15 to May 22, and winners will be eligible to take part in a $25,000 prize pool.
The contest consists of three events: the first involves trading in relevant future items and satisfying the established requirements; the second is a chance for first-place winners who participate in spot trading with the specified tokens and reach a certain trading volume to earn a share of a 5,000 USDT prize pool.
Third, depending on their ranking in terms of trading volume, customers who register for the event and attain a trading volume of over 5,000 USDT in the listed tokens may be qualified to receive a 100% rebate of their trading costs.
Elon Musk: “Dogefather” and love for memes
Elon Musk, the CEO of Tesla, has long been considered as a steadfast backer of Dogecoin and is affectionately referred to as the “dogefather” in the Dogecoin community.
Tesla currently takes Dogecoin for certain of its products, and Musk confirmed this year that if McDonald’s starts taking Dogecoin payments, he’ll eat a Happy Meal in front of the TV.
Musk has posted numerous tweets that the cryptocurrency community saw as a veiled allusion to a few coins, perhaps motivated by his love of memes. Musk has not publicly recognised these coins, in contrast to Dogecoin.
Prices for the contentious Milady’s NFT collection rose earlier this month when Musk tweeted an image of a Milady NFT along with the message, “There is no meme, I love you.”
More recently, Elon Musk posted a “Pepe the Frog” meme, which caused the price of the meme coin PEPE to briefly increase.
After Elon Musk shared a joke with his dog Floki impersonating the Twitter CEO, FLOKI saw a remarkable climb at the beginning of the year.
