Adult-Themed Crypto P--nRocket Skyrockets 169% In A Day, Courtesy Elon Musk? - Tesla (NASDAQ:TSLA)

Newly launched decentralized adult content sharing social platform PornRocket (PORNROCKET) traded nearly 190% higher on Sunday night amid a social media frenzy centered around adult-themed cryptocurrencies first initiated by Tesla Inc TSLA CEO Elon Musk.

What Happened: PORNROCKET traded 190.43% higher at $0.0000001674 at press time over a 24-hour period. Against Bitcoin (BTC) and Ethereum (ETH), the cryptocurrency traded 187.9% and 178.54% higher, respectively.

BTC traded 1.85% higher at $36,719.63, while ETH traded 4.37% higher at $2,782.42 at press time over a 24-hour period.

Musk supposedly made a cryptic reference to a bodily fluid in a tweet on Friday, PORNROCKET’s Twitter handle replied to that tweet — claiming the project had achieved a market cap of $40 million since its launch.

Musk’s Friday post had sent another adult-themed coin, CumRocket (CUMMIES), skyrocketing but CUMMIES has since then muted.

Why It Matters: PORNROCKET was on the sixth spot in the list of trending cryptocurrencies on CoinMarketCap at press time. The top spot was taken by CUMMIES.

The platform uses the PORNROCKET token for payments and charges creators no fees, as per a Crypto Daily report, as cited by CoinMarketCap.

PornRocket has reportedly recruited over 30,000 creators and fans since it was announced on May 26.

The application linked with the project is slated to go live by the end of this year, as per Crypto Daily.

Benzinga’s Take: Musk’s frequent Twitter posts on cryptocurrencies are known to have an effect on prices, but this is not a universal truth. Investors should do due diligence before investing in cryptocurrencies with low market capitalization or newly launched projects. Musk himself has warned investors about the risks associated with cryptocurrency exposure in the past.

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