As Cryptokoin.com recently reported, CultDAO’s local coin, CULT, increased by more than 70 percent after Tesla CEO Elon Musk mentioned the word “Cult” in his new Tweets. The recently transmitted data reveals a huge drop in the price of altcoin CULT! So, could it be a rug-pull attempt? Here are the details..
Bad news came for the altcoin, which was on the rise with Elon Musk: Rug-pull could be!
New news about the CULT coin, which has been on the rise the other day, continues to come. Crypto reporter Collin Wu, in his statements on Twitter, stated that an educational project called XIRTAM recently carried out a draw of 2,000 ETH, the equivalent of $ 3.5 million. The project is reportedly funded by CultDAO, which announced its support to XIRTAM just seven days ago, stating that the project has raised $2 million for the coin pre-sale. But the news does not look very encouraging.
Cult / Culture
— Elon Musk (@elonmusk) May 2, 2023
As you may recall, yesterday, after Elon Musk’s tweet that said “Cult / Culture”, the interest of investors focused on CULT, with the CULT coin increasing by 150 percent. With the rug-pull rumors circulating on XIRTAM, it had a significant impact on the CultDAO coin price, which dropped more than 30 percent in just one day, and CULT lost all of its gains in the past day with the rug-pull news from XIRTAM.
Altcoin CULT price has worried investors with a big drop!
As you know, the crypto money market has been facing many fraudulent news for a long time. Especially with this latest rug-pull news, many investors are worried about CULT. In the last 24 hours, CULT has lost over 30 percent of its value and is instantly trading at $0.00000473.
On the other hand, the giant cryptocurrency exchange Binance responded to the objections of the affected users and froze the funds transferred to the exchange by the XIRTAM project, which is a scam. CultDAO has yet to give any public response to the incident.
So, what is Rug-pull?
Rug pull is a malicious act where crypto developers abandon a project and run away with project funds or sell their previously held assets. Rug pulls are most common in the DeFi ecosystem, as DEXs allow malicious developers to list their coins without any prior verification or auditing.
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