Elon Musk’s cryptic “Cult/Culture” tweet appears to have ignited a 70% surge in the obscure Cult DAO coin, highlighting the billionaire’s sway over the crypto market.
Elon Musk, the eccentric billionaire known for his influential cryptocurrency tweets, has done it again.
This time, his mysterious “Cult/Culture” tweet seems to have set off a remarkable price spike in the relatively unknown Cult DAO (CULT) coin.
Within just an hour of Musk’s tweet, the price of CULT shot up by over 70%, leaving many to wonder whether the Tesla CEO was referring to Cult DAO.
Currently trading at $0.00005487 on CoinMarketCap, CULT has seen an 11% increase in value over the past seven days despite seeing a slump of nearly 28% in the last 24 hours.
Elon Musk’s complicated relationship with crypto
The Twitter CEO’s influence on the crypto market is undeniable, and his tweets have often led to significant fluctuations in the value of various digital assets.
However, the impact of these tweets isn’t always positive – some coins, like BONK, have generated unsustainable hype in their short history due to Musk’s tweets.
The rapid adoption of meme coins like PEPE, DOGE, and SHIB has propelled them to the top 100 cryptocurrencies by market cap. Still, their undefined purpose and speculative nature make them potentially risky investments.
With Cult DAO now in the spotlight, it remains to be seen how the platform will fare.