fbpx
QQQ
+ 1.73
340.90
+ 0.5%
DIA
+ 5.77
327.19
+ 1.73%
SPY
+ 5.82
409.10
+ 1.4%
TLT
-2.44
148.17
-1.67%
GLD
+ 2.00
162.93
+ 1.21%

Elon Musk Supposedly Endorses Cumrocket Coin, Price Skyrockets 350%

June 5, 2021 10:29 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Elon Musk Supposedly Endorses Cumrocket Coin, Price Skyrockets 350%

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

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 (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.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

A Technical Look At Bitcoin As Crypto Sells Off

Benzinga's PreMarket Prep airs every morning from 8-9 a.m. ET. During that fast-paced, highly informative hour, traders and investors tune in to get the major news of the day, the catalysts behind those moves and the corresponding price action for the upcoming session. read more

Dogecoin Headed To 5 Cents After Losing Crucial Support Level And Even Elon Musk Can't Save It, Says Bitcoin Bull

Pseudonymous cryptocurrency analyst Tyler Durden said on social media that even Tesla Inc (NASDAQ: TSLA) CEO Elon Musk cannot save Dogecoin (CRYPTO: DOGE) from hitting a “programmed” 0.05 level. read more

EXCLUSIVE: Building On Top Of Bitcoin May Not Be As Popular As Ethereum, Other Blockchains, But We're 'Close To Seeing Some Runaway Success,' Says Stacks

Stacks (STX) aims to bring smart contracts and decentralized applications, or DApps, to Bitcoin (CRYPTO: BTC). An attractive facet for some is the ability to earn BTC earning through a mechanism the project calls “Stacking.”  Mitche read more

Dogecoin Co-Creator Warns Taking Out Loans To Buy Volatile Speculative Assets Is 'Absolutely Bonkers'

Dogecoin (CRYPTO: DOGE) co-creator Billy Markus has warned that taking out loans to buy volatile speculative assets such as cryptocurrencies and so-called stonks is “absolutely bonkers.” read more