Billionaire Elon Musk continues to stir the crypto money market with his tweets. Here are the details…
Elon Musk tweet raises CULT token
The influence of Elon Musk on the cryptocurrency market continues to be felt, as his latest tweet caused an increase in the value of the Cult DAO token. Known as “The DOGE Father”, Musk tweeted that included the words “Cult / Culture”. This has resulted in a 100 percent increase in the value of the CULT token over the past 24 hours. It then increased the price of the coin to $0.000008625. The DAO token is not considered a meme coin. But now it behaves similarly since its value is variable. The Cult DAO community used Musk’s tweet to their advantage. It then created a bullish pressure for the token’s value.
Cult / Culture
— Elon Musk (@elonmusk) May 2, 2023
Unlike Musk’s previous tweets affecting Dogecoin and Shiba Inu prices, there is no visible link between Musk and the Cult DAO team. This means that the current rally may not be sustainable and may ultimately affect the performance of the asset. Despite this, CULT is trading at a 30-day high after the spike in value.
Meme coins have been emerging as the leader of altcoin momentum lately. PEPE is a leader in this regard. The massive price surge propelled it to the top 100 cryptocurrencies list by market cap. Then, it recently surpassed Dogecoin’s trading volume. However, caution is advised as some meme coins like BONK have been known to create unsustainable hype in their short history.
Musk influences the cryptocurrency market
Cult DAO aims to disrupt traditional venture capital models by connecting founders with investors without the need for intermediaries. It is a decentralized venture capital platform. Its native token, CULT, rose after Musk’s tweet, but is changing hands at $0.00000808 with a 61 percent increase in value at the time of writing.
This isn’t the first time Musk has had a significant impact on the cryptocurrency market with his tweets, especially meme coins. Musk had previously shared a photo of his pet Shiba Inu Floki with the caption “new CEO” in the past years. This created excitement in the market and affected the prices of various meme coins. Musk also stated in a separate tweet that Floki is “good with numbers” and “styled”. This fueled the frenzy around his tweets even more.
As we reported on cryptocoin.com, while Musk’s tweets can cause spikes in the value of certain cryptocurrencies, it’s important to be careful and do thorough research before investing in any cryptocurrency, especially meme coins that are known for their fluctuations.
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