Top crypto exchange Huobi has announced a trading contest, which it tags "Elon-Promoted Meme Tokens Trading Contests."
The cryptocurrencies at the center of the trading contest are Dogecoin (DOGE), Pepe (PEPE), Milady Meme Coin (LADYS), Floki (FLOKI) and ArbDoge AI (AIDOGE).
Winners in the contest will be able to partake in a $25,000 prize pool, with the event running from May 15 to May 22.
There are three events to the contest: first, trading in applicable future products and meeting the laid-down criteria; second, winners of the first event who engage in spot trading with the listed tokens and achieve a set trading volume might be eligible to partake in a 5,000 USDT prize pool.
Third, during the event, users who register and reach a trading volume of over 5,000 USDT in the listed tokens might be eligible to get a 100% rebate of their trading fees based on their trading volume rankings.
Elon Musk: "Dogefather" and love for memes
Popularly referred to as the "dogefather" in the Dogecoin community, Tesla CEO Elon Musk has long been regarded as a strong supporter of Dogecoin.
Tesla already accepts Dogecoin for some of its merchandise, and Musk reiterated this year that he will eat a McDonald's Happy Meal on the TV if the fast food chain accepts payments in Dogecoin.
Driven by his love for memes, Musk has made some tweets that the crypto community took to be an oblique reference to a few cryptocurrencies. Unlike Dogecoin, Musk has not directly acknowledged these tokens.
Earlier this month, prices of the controversial Milady's NFT collection increased after Musk tweeted a picture of a Milady NFT with the words "There is no meme, I love you."
More recently, Elon Musk shared a "Pepe the Frog" meme, which led to a brief rise in the price of the meme coin PEPE.
FLOKI saw an impressive rise at the year's start after Elon Musk posted a meme involving his dog Floki posing as the Twitter boss.