Cult DAO (CULT), a decentralized venture capitalist project, skyrocketed by over 70% in one hour after a tweet from Elon Musk.
Musk’s tweets have had several influences on the prices of certain cryptocurrencies as well as some stocks. Often community considers his tweets as an endorsement for various meme coins.
Is Elon Musk Talking About Cult DAO?
On Tuesday, Elon Musk tweeted, “Cult/Culture.” But this two-word tweet resulted in over 70% spike in CULT’s price within one hour.
The price rise happened as the community members speculated if Elon Musk was tweeting about Cult DAO. As of writing, CULT is trading at $0.00000757, up more than 53% in 24 hours.
Cult is a decentralized autonomous organization (DAO) that invests in decentralized platforms.
The official website says, “The purpose of CULT is to empower and fund those building and contributing towards our decentralized future. We give funding to those who are ready to break the chains and have an idea that can change our world.”
Musk Tweets Send Meme Coin Skyrocketing
It is not the first time that an Elon Musk tweet has impacted crypto price. Meme coin Floki Inu (FLOKI) was created after Elon Musk tweeted that he would name his Shiba Inu, Floki.
And in 2021, BeInCrypto reported that Musk posting a picture of his dog resulted in over 1,000% gains in some meme coins.
Last month, he changed the Twitter logo to a Doge logo, which resulted in Dogecoin (DOGE) rallying over 34%. But after Musk reinstalled the original Twitter logo, DOGE price plummeted almost back to its pre-rally levels.
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