A simple name change on Elon Musk’s X profile sent crypto traders into a frenzy, demonstrating once again how volatile the smaller cryptocurrency markets can be.

While major cryptocurrencies like Bitcoin and Ethereum continue their path toward institutional legitimacy, the wild west of smaller crypto tokens remains unpredictable, often moving on factors completely disconnected from market fundamentals.

On Tuesday, Tesla CEO and billionaire entrepreneur Elon Musk changed his X (formerly Twitter) profile name to “Harry Bōlz,” triggering an immediate 127% price surge in the HARRYBOLZ cryptocurrency token against SOL, according to data from Gecko Terminal.

HARRYBOLZ, a relatively obscure token with just $4 million in 24-hour trading volume and a market capitalization of approximately $17.35 million, became the center of attention for crypto day traders following Musk’s profile update.

“After @elonmusk changed his profile name to Harry Bōlz, the price of $HARRYBOLZ surged to $0.025,” blockchain analyst Lookonchain posted on X, highlighting how one trader with the wallet name “LeBron” reportedly made $1 million from trading the little-known token during the surge.

This incident serves as yet another reminder of how influential social media personalities like Musk can be on cryptocurrency markets, particularly for smaller, more illiquid tokens that can experience dramatic price swings based on seemingly trivial events.

For serious crypto investors, the event underscores the importance of due diligence and risk management when dealing with smaller altcoins, which often lack the stability and fundamental value proposition of more established cryptocurrencies.