The sudden price hike has left many members of the community speculating whether Musk’s tweet was an endorsement of the project, leading to a surge in demand
Elon Musk has achieved a level of fame that extends far beyond the boundaries of the business world. His influence in the realm of cryptocurrencies, in particular, has made him a household name for anyone even remotely interested in this innovative field.
Musk’s tweets have been a source of both amusement and disruption within the cryptocurrency industry, as a prominent advocate of Dogecoin, garnering attention from his massive following of nearly 140 million Twitter users.
The world-renowned entrepreneur and CEO of multiple companies, Elon Musk, has once again caused a stir in the cryptocurrency market. A single tweet from Musk has led to a significant spike in the price of a lesser-known altcoin, Cult DAO (CULT), by over 70% within one hour. This sudden price surge has left the community speculating if Musk was, in fact, referring to Cult DAO in his tweet.
Cult DAO is a decentralized venture capitalist project that invests in decentralized platforms, aiming to empower and fund individuals who are striving to contribute towards a decentralized future. As per the official website, Cult DAO’s goal is to support those who have a revolutionary idea that could bring positive change to the world.
Musk’s tweets have been known to cause a significant impact on the prices of cryptocurrencies, particularly meme coins. The creation of Floki Inu (FLOKI), another meme coin, was a direct result of Musk tweeting about naming his Shiba Inu, Floki. In 2021, Musk posted a picture of his dog that caused some meme coins to experience gains of over 1,000%.
In recent times, Musk has been actively tweeting about Dogecoin (DOGE), a meme coin that has gained immense popularity among the crypto community. A change in Musk’s Twitter profile picture to a Doge logo led to a 34% surge in DOGE price, only to plummet back to its original level when Musk reinstated his original Twitter logo.
Musk’s tweets continue to garner widespread attention and speculation among the crypto community, with many considering them an endorsement of various meme coins.