Recently, Elon Musk launched a fierce attack on the "One Big Beautiful Bill Act" (commonly referred to as the "Big Beautiful Tax Law") promoted by U.S. President Donald Trump. At the same time, a meme coin called "KBBB" (Kill Big Beautiful Bill) emerged on the Solana blockchain, with its market value skyrocketing from $70,000 to $24 million on June 5, achieving a peak increase of up to 300%.

Musk's Direct Criticism

On June 3, Musk posted multiple messages on the X platform, denouncing the "Big Beautiful Tax Law" as a "disgusting abomination," warning that it would add $2.3 trillion to $3.8 trillion to the federal deficit, potentially dragging the U.S. economy into an "unsustainable debt abyss." He urged voters to "kill the bill" and threatened that "the 2026 midterm elections will settle accounts with the lawmakers who support the bill."

As Trump's largest donor for the 2024 campaign (contributing over $250 million) and former head of the Department of Government Efficiency (DOGE), Musk had promised to cut federal spending. However, after stepping down from his DOGE position on May 30, he publicly criticized the bill for deviating from his fiscal discipline goals. On June 4, Musk further stated on X: "The scale and complexity of the bill is a betrayal of the American people." This statement quickly resonated within the crypto community, leading to the birth of the KBBB token.

The Rocket-like Rise of KBBB Token

Inspired by Musk's "Kill the Bill" slogan and borrowing meme symbols from the movie "Kill Bill," the KBBB token launched on the Solana blockchain on the evening of June 3, with the contract address npB9cxTzwUiGt7jk2dXZa52xZve8SgVD6Et9Bpipump. According to X users @BTC2Ai and @CryptoDongwang, KBBB initially had a market value of only $70,000, but fueled by Musk's comments, it quickly attracted speculative funds after opening on June 5, with its market value soaring to $24 million at one point. As of June 5, 14:00 (HKT), the market value had retreated to about $9.57 million, but it still ranked high among meme tokens on the Solana chain.

The surge of KBBB can be attributed to multiple factors. Musk's "influencer" effect in the crypto market is unmatched. X user @Wizard_AiSignal pointed out that on the morning of June 5, KBBB was hotly discussed in six crypto communities within a minute, highlighting its topicality. Additionally, the narrative of Musk and Trump's "top-tier showdown" injected strong momentum into the token, with @CryptoDongwang stating: "The conflict between Musk and Trump is the soul of KBBB; the combination of meme and politics makes it a carnival for speculators."

Controversy Over the Bill and Market Turmoil

The "Big Beautiful Tax Law" passed the House of Representatives on May 22 with a vote of 215 to 214, including provisions to extend the 2017 tax reform, exempt overtime and tip taxes, and cut social welfare programs like Medicaid. However, the Congressional Budget Office (CBO) predicts that the bill will increase the federal deficit by over $3 trillion in the next decade, with the 30-year U.S. Treasury yield surpassing 5%, putting pressure on the S&P 500 index. The foreign tax provisions (Section 899) in the bill allow for a maximum 20% tax on businesses and individuals from countries with "punitive tax policies," raising concerns on Wall Street about capital outflows.

In a June 4 interview with CNBC, Musk stated that the bill "tilts towards the rich and cuts benefits for the poor," suggesting that the elimination of electric vehicle tax credits would harm companies like Tesla. Tesla's stock price has already fallen 13% this year, partly due to the controversial nature of Musk's political stance. X user @MarketWatcher analyzed: "The surge of KBBB is an emotional reaction from the market to the uncertainty of the bill, but its essence remains a speculative bubble."

Crypto Community Discussions and Risk Warnings

In the crypto community, KBBB is seen by some as a symbol of "decentralized protest." X user @DeFiPulse commented: "KBBB is not just a meme; it is a projection of public dissatisfaction with high deficit policies on the blockchain." However, more voices warn of its high-risk nature. Meme tokens often lack practical use cases, and KBBB's surge relies on Musk's continued commentary and the heated controversy surrounding the bill. If the Senate amends or rejects the bill, the narrative foundation of KBBB could collapse, leading to a price crash.

Future Trends and Deeper Impacts

The short-term popularity of KBBB is closely tied to Musk's posting rhythm on X. If he continues to criticize the bill on the platform, it may further increase the token's visibility. However, the fate of the bill in the Senate will be a key variable. Republicans hope to pass a revised version before July 4, but fiscal conservatives like Senator Rand Paul are calling for spending cuts, and some lawmakers oppose cuts to welfare programs. Senate Majority Leader John Thune admitted: "The divisions are clear, but we must move forward."

In Conclusion

Musk's intense criticism of the "Big Beautiful Tax Law" has sparked a rocket-like rise in the KBBB token, with its market value soaring from $70,000 to $24 million. However, this frenzy is underpinned by a high-risk speculative game. Investors need to remain vigilant, aware of price bubbles and regulatory risks. The fate of KBBB will be closely linked to the progress of the bill and Musk's related posts on X, and this clash between politics and crypto is far from over.

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