Cumrocket (CRYPTO: CUMMIES) — the cryptocurrency powering an adult entertainment ecosystem — skyrocketed following an apparent cryptic endorsement by tech tycoon Elon Musk.
What Happened: According to CoinMarketCap data, Cumrocket’s price increased by over 352% from its 24-hour low of $0.05482 to its all-time high of $0.2481.
It settled at $0.1798 as of press time.
This sudden and explosive price movement of the coin followed a cryptic tweet by Musk featuring an emoticon of droplets followed by an emoticon of a rocket before an arrow pointing at the moon. This tweet has been interpreted as “cum rocket to the moon” and seen as an endorsement of the cryptocurrency.
Learn: How to Buy CumRocket
💦🚀 –> 🌙
— Elon Musk (@elonmusk) June 5, 2021
Why It Matters: This is the latest Musk’s tweet that showcases how much influence he has over the cryptocurrency market, despite recent analysis suggesting that it has been fading away.
His ability to cause the entire crypto market to surge when announcing an investment and adoption of Bitcoin (CRYPTO: BTC) by his electric car manufacturing company Tesla Inc. (NASDAQ:TSLA) and then crash it by announcing dropping it revealed a major weakness in the asset, according to recent remarks by Miami mayor Francis Suarez.
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