Elon Musk, a seasoned provocateur of value actions within the cryptocurrency market, has as soon as once more raised eyebrows with a mysterious tweet that will have triggered a exceptional 70% surge within the comparatively obscure altcoin, Cult DAO (CULT).
This isn’t the primary time we’ve seen the Twitter CEO’s affect on the crypto world, as he’s been recognized to fire up value actions along with his tweets on Dogecoin and different meme cash.
It’s no secret that when Musk speaks, the market listens – and within the case of Cult DAO, it’s clear that his phrases can nonetheless figuratively transfer mountains on the planet of cryptocurrency.
Neighborhood Speculates On Elon Musk Cryptic Tweet
Elon Musk has but once more brought on a stir within the cryptocurrency world with only a two-word tweet. On Tuesday, he tweeted “Cult/Tradition”, sending the neighborhood members right into a frenzy of hypothesis about whether or not he was referring to Cult DAO.
Inside only one hour of the tweet, the worth of CULT spiked by over 70%, demonstrating Musk’s energy to maneuver the market along with his social media presence.
Cult / Tradition
— Elon Musk (@elonmusk) May 2, 2023
For these unfamiliar with the altcoin, Cult DAO is a community-driven decentralized autonomous group that’s dedicated to supporting forward-thinking creators and innovators within the crypto world.
The group’s main focus is on offering funding, assets, and infrastructure to blockchain-based tasks which might be difficult the established order and advancing the decentralized revolution.
Cult DAO is actually a platform that permits like-minded people to come back collectively and collaborate on tasks that align with their shared values and targets.
BTCUSD inches nearer to $29K degree on the every day chart at TradingView.com
Whereas nonetheless a comparatively unknown participant within the cryptocurrency market, CULT’s current value surge following Musk’s tweet has actually put it within the highlight and piqued the curiosity of merchants and buyers alike.
On the time of writing, CULT is buying and selling at $0.00005917 at CoinMarketCap, marking a formidable 42% enhance in worth over the previous 24 hours and a 22% enhance within the final seven days.
Elon Musk: Sophisticated Relationship With Cryptocurrency
Musk’s affect on the crypto market is plain. The Twitter CEO has an extended historical past of commenting about numerous cryptocurrencies, from Bitcoin to Dogecoin and others.
His tweets have usually brought on important fluctuations within the worth of those digital property, as buyers and lovers alike scramble to purchase or promote in response to the billionaire’s pronouncements.
The influence of his tweets on the crypto market stays important, as evidenced by the current surge in CULT’s value following his cryptic message.
As Cult DAO continues to achieve momentum and appeal to consideration within the crypto world, it stays to be seen what the longer term holds for this revolutionary platform.
-Featured picture from Ninja Information