Elon Musk’s recent name change on social media platform X (Twitter) inspired a parabolic surge for the HARRYBOLZ token.

It marks the second time Musk has inadvertently inspired a rally for a crypto token by changing his name on the popular social media platform.

Elon Musk Changes X (Twitter) Name To Harry Bōlz

While his X handle remains @elonmusk, the platform’s CEO has changed his account name to Harry Bōlz. In the immediate aftermath of this name change, the price of HARRYBOLZ rallied by over 3,000% before profit booking commenced.

Notably, this is not the first time Musk has used Harry Bōlz as his name on X. In April 2023, he pulled a similar move, leaving his followers baffled. At the time, followers speculated that the tech mogul was plotting his next major project. Meanwhile, others ascribed the move to his occasional acts playing with fans, saying it was nothing more than wordplay.

Moreover, in January 2023, Musk changed his name to Mr.Tweet and again to ‘Naughtius Maximus’ before reverting back to his original name. More recently, Elon Musk changed his name on X to Kekius Maximus, inspiring a 500% surge for the KEKIUS meme coin.

Cardano’s price has recently bounced back, rising by 18% over the last 24 hours. This recovery follows a notable correction, signaling that the bullish pattern ADA has been forming remains intact. 

After struggling for several weeks, the altcoin’s ability to regain momentum offers hope for continued positive price action.  

Cardano Traders Are Confused

Over the past month, Cardano investors have faced significant losses as the price of ADA continues to follow a downward trend. Most transactions were showing losses, with the market unable to sustain any meaningful rallies.

The recent shift toward transactions showing profits is a positive sign, indicating a potential change in market sentiment.  

As ADA’s price rose above recent lows, the volume of profitable transactions increased, signaling that investors are starting to recover from prior losses. This shift in transaction volume, with profits now edging out losses. It suggests that the altcoin is finding a stable support level, which could lead to further price appreciation.  

The macro momentum of Cardano has also shown signs of improvement. The funding rate, which fluctuated for the past two weeks, had been a sign of uncertainty among traders.

The lack of upward price momentum caused traders to shift from a positive to a negative stance in February, opting to capitalize on price declines instead.  

However, the funding rate has turned positive again, signaling a potential shift in trader sentiment. If Cardano continues its price uptick, traders could maintain a more bullish outlook. A sustained positive funding rate would further support this shift, reinforcing the possibility of ADA’s continued upward momentum in the near term.  

Cardano Price Prediction: Can ADA Secure Support at $0.85?

Cardano’s price rose 18% in the last 24 hours. It is currently trading at $0.80, having successfully breached the $0.77 resistance. The altcoin now aims to flip the $0.85 resistance into support.

A successful breach of this level could allow ADA to continue rising, attracting further investor interest. At the same time, this rise would keep the bullish descending wedge pattern intact.

Securing $0.77 as support is essential for ADA’s continued bullish movement. If this level holds, and $0.85 is flipped into support, Cardano could push towards $0.99, potentially even $1.00. Such a move would signify sustained momentum and potentially mark the start of a longer-term uptrend.  

However, if ADA fails to breach the $0.85 resistance, it could fall back to $0.77 or dip lower to $0.70. A decline to these levels would invalidate the current bullish thesis. This would also erase the recent gains and potentially lead to renewed selling pressure.

On February 10, Maxine Waters, the representative for California’s 43rd Congressional District, introduced an initial discussion draft. The unnamed bill seeks to establish a regulatory framework for stablecoin issuers in the US.

It follows extensive bipartisan negotiations and technical guidance from the Treasury Department and the Federal Reserve.

Maxine Waters Pushes For Stablecoin Regulation

The proposed bill outlines a licensing and regulatory framework for payment stablecoin issuers. It details the criteria for both nonbank and bank issuers. A central feature is the Federal Reserve’s role in supervising stablecoin issuers. This ensures strict compliance with the proposed regulations.

The bill mandates that stablecoin issuers back their coins one-to-one with reserves. This includes US currency, insured deposits, short-term Treasury bills, or repurchase agreements backed by Treasury securities. 

It also prohibits any unauthorized individual or entity from issuing a payment stablecoin in the US. Violators would face significant penalties.

“Be fined not more than $1,000,000 for each such violation; (ii) imprisoned for not more than 5 years; or (iii) be fined as described in clause (i) and imprisoned as described in clause (ii),” the bill read.

In addition to regulatory oversight, the bill includes provisions designed to strengthen consumer protection. It prevents non-financial companies from owning stablecoin issuers, ensuring the separation of banking and commerce. 

The proposal also mandates strict compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws. Therefore, it subjects issuers to US sanctions laws.

Additionally, it bans individuals convicted of certain crimes, such as Sam Bankman-Fried, from holding executive positions or significant shares in stablecoin issuers.

The Federal Reserve would be granted enforcement authority. At the same time, existing regulators, including the Treasury Department, the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), would maintain oversight over activities related to stablecoins, wallet providers, exchanges, and intermediaries.

This bill is crafted with input from both Republican and Democratic congressional staff. Moreover, it is seen as a bipartisan effort to create a balanced, effective framework for stablecoin regulation.

“This draft bill fosters innovation, while properly addressing and prioritizing concerns I have long held about safeguarding our nation’s consumers from scams that have plagued the crypto industry,” said Congresswoman Waters.

Waters’ announcement followed a release by Republicans French Hill and Bryan Steil. The representatives introduced their version of a payment stablecoin bill just days earlier. The proposed bill is titled STABLE Act of 2025.

Meanwhile, efforts to regulate stablecoins are also underway in the Senate. On February 4, Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

Besides the bills, on February 7, CFTC Acting Chair Caroline Pham announced a CEO Forum with a key focus on stablecoin regulations. The forum will bring together major crypto companies to discuss and propose new policies for stablecoins and tokenized non-cash collateral.