A community created to cancel all market manipulators
During the last weeks there has been a lot of volatility in the crypto market, including some days in which tens of billions in market value got wiped. Every time Elon Musk tweets something about crypto it causes a chain reaction of the prices plummeting. One instance was the debate that Bitcoin is not ecological and that it will no longer be supported by Tesla to be used as means of payment which caused a dump in price.
Shortly after Elon Musk tweeted that he will consult with the USA Bitcoin Miners Foundation that will basically explain to him as that Bitcoin is to a high degree mined with renewable energy. This caused the price of Bitcoin to pump from the lows that it submerged causing a huge volatility in the asset while making people lose on the ups and downs.
Elon Musk is starting to become one of the most hated people within the crypto community because of the fact that he has caused a lot of people to lose money with his tweets. There have been a lot of movements trying to stop Elon Musk as he has been causing a lot of damage to the average retail investor. Bitcoin is currently about 50% down from it’s all time high, some altcoins are down a lot more.
Cancelon aims to actively stop Elon Musk from causing this much damage and also plans to short the Tesla stock in order to maximize the possible attention and try to get Elon Musk to notice the movement.
Cancelon will broadcast all of their Tesla stock short positions live on their Twitch channel. 100% of ALL profits generated from the short positions will be spent in Cancelon token buybacks and burned. The Cancelon team will buy the tokens from the circulating supply causing the price to go up whenever the Tesla stock goes down. Furthermore, Cancelon does not want to depend to 100% on Elon Musk nor Tesla in the long run and also plans in developing a hedge fund type of system in which all holders get to vote on which Stock or Token to long and/or short, considering that everything will be broadcasted live 24/7, it will be as transparent as it gets.
Cancelon token was fully audited by Techrate
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