Following the catastrophic impact of the recent market crash, the Emergency Elon Override token (EEO) has publicly launched on the Binance Smart Chain to stop market manipulation. With the source contract verified, and the project fully audited by a leading blockchain solutions and consulting firm, the launch brings Emergency Elon Override one step closer to achieving its goal of creating a digital EEO-based marketplace.
Emergency Elon Override is a token and indeed an entire ecosystem that, as the name suggests, is dedicated to overriding the impact and influence of those with excessive power over the vulnerable cryptocurrency market.
The token has been designed to counteract the potentially devastating impact that ‘whalers’ are having on the portfolios of everyday traders. ‘Whalers’ are those who are powerful enough to control what are known across the crypto community as ‘whales’; those who own large enough quantities of cryptocurrency to impact market price with a single transaction.
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EEO is built upon an ‘oversee, overturn, override’ mechanism that aims to reduce the harmful effects of whaler-initiated market crashes on ‘hodlers’ – token users – and is one of just two tokens that’s intended to achieve this.
Mark Andrew, principal stakeholder, says “EEO is a project with immense utility. We have arrived at an age in which, at any moment, a single person with influence can crash the entire crypto market with just one tweet. Our aim is to take action, striving to mitigate the ill-effects of crashes on our token holders, provide a safe haven for our users, and fight back against impulsive decisions made by the likes of Elon Musk that can be devastating on hodlers.”
Tesla CEO Elon Musk is, unsurprisingly, one of the ‘whalers’ that the EEO token is attempting to protect its users from. After announcing in February that Tesla would agree to accept payments in Bitcoin, Musk backtracked in May citing environmental concerns, following up in June with a tweet featuring a broken heart emoji, and a hashtag calling out Bitcoin. As a result, Bitcoin lost 30% of its value, with Ethereum and Dogecoin also losing 40% and 45% respectively.
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The design of the EEO token even depicts a sinister-looking rendering of Musk himself, acting as the puppet master of a whale. Emergency Elon Override has, however, turned this negative whaler metaphor into something hugely positive, pledging 10% of its token to marine wildlife charities and initiatives, and using the AmazonSmile scheme to encourage users to donate to the Ocean Conservancy that works to protect the ocean from global challenges.
Emergency Elon Override plans to continue supporting good causes in the future, with 10% of all collected EEO donated to charities while destroying the remainder to reward hodlers and encourage holding by way of scarcity.
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