Elon Musk Supposedly Endorses Cumrocket Coin, Price Skyrockets 350%

Cumrocket CUMMIES/USD — 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.

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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.

Read also: 'Elon, We Did It First:' Bitcoin Sent To The Actual Moon By Developer Group

His ability to cause the entire crypto market to surge when announcing an investment and adoption of Bitcoin BTC/USD by his electric car manufacturing company Tesla Inc. 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.