Elon Musk, a seasoned provocateur of price movements in the cryptocurrency market, has once again raised eyebrows with a mysterious tweet that may have triggered a remarkable 70% surge in the relatively obscure altcoin, Cult DAO (CULT).
This isn’t the first time we’ve seen the Twitter CEO’s influence on the crypto world, as he’s been known to stir up price movements with his tweets on Dogecoin and other meme coins.
It’s no secret that when Musk speaks, the market listens – and in the case of Cult DAO, it’s clear that his words can still figuratively move mountains in the world of cryptocurrency.
Community Speculates On Elon Musk Cryptic Tweet
Elon Musk has yet again caused a stir in the cryptocurrency world with just a two-word tweet. On Tuesday, he tweeted “Cult/Culture”, sending the community members into a frenzy of speculation about whether he was referring to Cult DAO.
Within just one hour of the tweet, the price of CULT spiked by over 70%, demonstrating Musk’s power to move the market with his social media presence.
Cult / Culture
— Elon Musk (@elonmusk) May 2, 2023
For those unfamiliar with the altcoin, Cult DAO is a community-driven decentralized autonomous organization that is committed to supporting forward-thinking creators and innovators in the crypto world.
The organization’s primary focus is on providing funding, resources, and infrastructure to blockchain-based projects that are challenging the status quo and advancing the decentralized revolution.
Cult DAO is essentially a platform that enables like-minded individuals to come together and collaborate on projects that align with their shared values and goals.
BTCUSD inches closer to $29K level on the daily chart at TradingView.com
While still a relatively unknown player in the cryptocurrency market, CULT’s recent price surge following Musk’s tweet has certainly put it in the spotlight and piqued the interest of traders and investors alike.
At the time of writing, CULT is trading at $0.00005917 at CoinMarketCap, marking an impressive 42% increase in value over the past 24 hours and a 22% increase in the last seven days.
Elon Musk: Complicated Relationship With Cryptocurrency
Musk’s influence on the crypto market is undeniable. The Twitter CEO has a long history of commenting about various cryptocurrencies, from Bitcoin to Dogecoin and others.
His tweets have often caused significant fluctuations in the value of these digital assets, as investors and enthusiasts alike scramble to buy or sell in response to the billionaire’s pronouncements.
The impact of his tweets on the crypto market remains significant, as evidenced by the recent surge in CULT’s price following his cryptic message.
As Cult DAO continues to gain momentum and attract attention in the crypto world, it remains to be seen what the future holds for this innovative platform.
-Featured image from Ninja News
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Author: Christian Encila