Invest
Elon stirs up crypto market with NSFW crypto endorsement
The CEO of Tesla is seemingly determined to see how far he can push the crypto market with his tweets.
Elon stirs up crypto market with NSFW crypto endorsement
The CEO of Tesla is seemingly determined to see how far he can push the crypto market with his tweets.
Elon Musk made his way into the crypto headlines again over the weekend, spruiking a risqué token and endorsing a partnership between dogecoin and ethereum.
On 4 June, Mr Musk briefly changed his Twitter profile picture to that of a rocket before tweeting “Canada USA Mexico” in a nod to a NSFW cryptocurrency known as cumrocket.
Created in April 2021, cumrocket ($CUMMIES) is a crypto token hosted on the Binance smart chain blockchain.
According to the official website for the token, “$CUMMIES is a deflationary token that will be used as a tipping, messaging, custom content and sexting currency on our NSFW content platforms. These include our brand-new NSFW NFT marketplace as well as our private content subscription platform.”
Although somewhat vague, Mr Musk’s acknowledgement of the crypto had a significant impact on the price and value that cumrocket was trading at. In the six hours following the tweet, the price of cumrocket rose approximately 50 per cent from US$0.039 to US$0.076.
However, it seems like that spike in growth wasn’t quite enough for Mr Musk. In the day following his original tweet, he tweeted again within 24 hours.
This time, he opted for a less veiled reference by combining the droplet, rocket ship and moon emojis. Translation: cumrocket is going to the moon.
In the wake of this tweet, the price of cumrocket spiked again from approximately US$0.069 to US$0.182 within six hours.
While his cumrocket tweets are arguably the most eye-catching antics that Mr Musk got up to in the crypto space over the weekend, he also found the time to weigh in on a recent interview with ethereum founder Vitalik Buterin.
Responding to a tweet referencing a recent interview between Mr Buterin and podcaster Lex Fridman, Mr Musk expressed support for a proposed interoperability partnership between the dogecoin and ethereum blockchains that would see the former gain significant increases in payment processing speed.
According to Mr Buterin, “I think if we can have a secure doge-to-ethereum bridge, that would be amazing, and then when ethereum gets any scalability that works for ethereum assets, you would be able to trade wrapped doge with very low transaction fees and very high speed as well.”
“I pretty much agree with Vitalik,” Musk said via Twitter.
This time around, Mr Musk’s tweets didn’t have a huge impact on the price of dogecoin. Then again, maybe that’s a good thing.
About the author
About the author
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
Nickel Digital Asset Management reports strong 2023 performance, surpassing key financial indices
London's Nickel Digital Asset Management, a leading digital assets hedge fund, celebrated a stellar year with returns that significantly outpaced both hedge fund indices as well as traditional ...Read more
Cryptocurrency
Time to expand your crypto horizons: beyond Bitcoin for better returns
In an intriguing twist for cryptocurrency investors, it's suggested that the spotlight may be shifting from the long-time favourite, Bitcoin, to a broader spectrum of digital assets. Read more
Cryptocurrency
New Cosmos ETF offers access to ethereum
Cosmos Asset Management has launched another crypto ETF in Australia. Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
Nickel Digital Asset Management reports strong 2023 performance, surpassing key financial indices
London's Nickel Digital Asset Management, a leading digital assets hedge fund, celebrated a stellar year with returns that significantly outpaced both hedge fund indices as well as traditional ...Read more
Cryptocurrency
Time to expand your crypto horizons: beyond Bitcoin for better returns
In an intriguing twist for cryptocurrency investors, it's suggested that the spotlight may be shifting from the long-time favourite, Bitcoin, to a broader spectrum of digital assets. Read more
Cryptocurrency
New Cosmos ETF offers access to ethereum
Cosmos Asset Management has launched another crypto ETF in Australia. Read more