A DAO has taken a hike in trading price by more than 70% in less than 24 hours after the CEO of Twitter, Tesla, and SpaceX, Elon Musk made a recent tweet where he mentioned the word “Cult”.
Back Story:
The native token of a Layer-2 Decentralized Autonomous Organization (“DAO”), $CULT, was trading at the price of 0.0000097 at the time of the Billionaire’s tweet. Its price hit $0.000008625 with a 24-hour trading volume of $13,652,183 afterward.
There, however, seem to be no connection between the token and Musk’s tweet or any other cryptocurrency for that matter.
This would not be the first time that Elon Musk has caused a stir in the crypto space, especially regarding Memecoins. In fact, he is known to have The Elon Musk effect that could trigger the value of a crypto asset. The X owner(formerly Twitter) is dubbed the ‘Doge Father’ based on his influence on the well-known meme coin. Also some days ago Musk posted a picture of his pet Shiba Inu, Floki. This gesture affected the prices of Doge, Shiba Inu, Floki, and other lesser coins.
However, Cult DAO is a decentralized venture capital platform focused to revolutionize the traditional venture capital model by connecting founders and investors without middlemen.
Even without an express connection between the Billionaire and the $CULT token, many people can not help but wonder if Musk read the DAO’s Manifesto.
Meme Coin Era:
There seems to be a developing trend in the crypto space as memcoins are beginning to take momentum. Even in a bearish market, $PEPE The Frog coin surpassed the Shiba Inu, following the Dogecoin real close. this ranks it among the first 100 in the crypto market. Regardless, caution is advised as their value can be very volatile and unpredictable.
Do you like trading meme coins? Tell us in the comments.
Written By Anthonymark
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