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This Layer-2 Token Skyrockets 100% After Elon Musk Tweets 'Cult'

Published 02/05/2023, 07:51
Updated 02/05/2023, 09:10
© Reuters. This Layer-2 Token Skyrockets 100% After Elon Musk Tweets 'Cult'
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Benzinga - Decentralized venture capital platform Cult DAO’s native token CULT (CRYPTO: CULT) saw a 100% spike in the last 24 hours, after Elon Musk mentioned the word “Cult” on Twitter.

What Happened: At the time of writing, CULT was trading at $0.0000097.

Although Musk’s tweet was not related to any cryptocurrency, the simple reference to “cult” was enough to send the token’s prices soaring. This is not the first time Musk has had a significant impact on the cryptocurrency market with his tweets, specifically with meme coins.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

Why It Matters: Just a few months ago, Musk posted a photo of his pet Shiba Inu, Floki, with the caption “new CEO,” which caused a stir in the crypto market, including Floki (CRYPTO: FLOKI), Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), and even affected the prices of some smaller meme coins.

In a separate tweet, Musk also mentioned that Floki is “great with numbers” and even has “style,” which further fueled the frenzy around the cryptocurrency trendsetter’s tweets.

CULT boasts itself as a decentralized venture capital platform that aims to disrupt traditional venture capital models by connecting founders with investors without the need for intermediaries.

Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Uncertainty: Analyst Says Apex Crypto Isn’t Getting A Boost Despite Upbeat Mood On Wall Street

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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