CULT – the native token of the blockchain project Cult DAO – soared by over 70% shortly after Elon Musk dropped a mysterious tweet containing the same name.
The CEO of Twitter, Tesla, and SpaceX is known as one of the most influential individuals in the world of crypto. His previous comments have caused price swings in other digital assets in the past few years, including Dogecoin (DOGE), Floki Inu (FLOKI), and others.
Musk has proven once again that even a short tweet posted by him could trigger a significant price increase of a certain token. His most recent post on the social media platform contained the words “cult” and “culture.”
Despite not revealing what stands behind that phrase, Twitter’s CEO caused a price spike of CULT (the native token of Cult DAO), which spiked by more than 70% in a matter of hours.
Musk’s previous influence in the crypto market is well-known and typically involves his favorite memecoin Dogecoin, as well as Floki Inu
DOGE’s valuation has gone north multiple times following announcements by the South African billionaire. Most recently, he changed Twitter’s main logo into a picture of the infamous “Doge” meme Twitter’s main logo, propelling a 25% price increase for the asset.
FLOKI has also soared due to Musk’s interactions. The entrepreneur uploaded a sarcastic photo on Twitter in February, depicting his dog as the new boss of the social media giant.
Considering that the pet’s name is Floki, it is no wonder why the price of the dog-themed digital asset – FLOKI – skyrocketed by more than 40% in the following hours.
The post The Elon Musk Effect: Cult DAO (CULT) Spikes 70% Following Tesla’s CEO Tweet appeared first on CryptoPotato.
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