Elon Musk’s crypto tweet “Cult/Culture” appears to have sparked a 70% surge in the cryptocurrency Cult DAO, highlighting the billionaire’s influence on the cryptocurrency market.
Elon Musk, the eccentric billionaire known for his influential cryptocurrency tweets, has done it again.
This time around, his cryptic “cult/culture” tweet appears to have triggered a significant price hike in the relatively unknown Cult DAO (CULT) coin.
Within just an hour of Musk’s tweet, the price of CULT skyrocketed by more than 70%, leaving many to wonder if the Tesla CEO was referring to Cult DAO.
This isn’t the first time Musk has moved the cryptocurrency market — his previous tweets have caused price swings in cryptocurrencies such as dogecoin (DOGE), Shiba Inu (SHIB), and even Bitcoin (BTC).
Although Cult DAO remains a relatively unknown player in the cryptocurrency market, the recent price surge following Musk’s tweet has caught the attention of traders and investors alike.
CULT is currently trading at $0.00005487 on CoinMarketCap and has seen an 11% increase in value over the past 7 days despite being down almost 28% in the last 24 hours.
Elon Musk’s complex relationship with cryptocurrency
The influence of the Twitter CEO on the crypto market is undeniable, and his tweets have often led to huge 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 buzz in their short history due to Musk’s tweets.
The rapid adoption of meme coins such as PEPE, DOGE, and SHIB propelled them into the top 100 cryptocurrencies by market cap. However, their indefinite purpose and speculative nature make them risky investments.
With Cult DAO now in the spotlight, it remains to be seen how the platform will fare.
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