Elon Musk has once again caused a stir in the cryptocurrency market with a simple tweet. This time, his tweet sent the price of Cult DAO (CULT), a decentralized venture capitalist project, skyrocketing by over 70% in just one hour.
The tweet read, “Cult/Culture,” leaving many members of the crypto community to speculate if Musk was endorsing the project. As a result, the price of CULT rose by more than 53% within 24 hours, currently trading at $0.00000757.
Cult DAO is a decentralized autonomous organization that invests in decentralized platforms. According to their official website, they aim to fund those who are ready to “break the chains and have an idea that can change our world.”
This isn’t the first time that Elon Musk’s tweets have influenced the cryptocurrency market. He has previously tweeted about meme coins, including Floki Inu (FLOKI), resulting in the creation of a new cryptocurrency. In 2021, he posted a picture of his dog, causing over 1,000% gains in some meme coins.
Musk’s tweets have also caused significant price movements in more established cryptocurrencies such as Dogecoin (DOGE) and Bitcoin (BTC). Despite this, Musk has remained vocal about his love for Dogecoin, a cryptocurrency that started as a meme but has since gained significant popularity. He has referred to himself as the “Dogefather” and has on several occasions tweeted about the cryptocurrency, resulting in price spikes.
However, as seen with Dogecoin’s recent price rise and drop after Musk changed his Twitter logo back to its original design, the cryptocurrency market can be highly volatile, and investors should exercise caution when making investment decisions based on social media hype.
Musk’s tweets continue to have a significant impact on the cryptocurrency market, with his latest tweet causing a surge in the price of Cult DAO. While his tweets have caused significant price movements, investors should remain cautious and conduct thorough research before making investment decisions based on social media hype.