After tweeting a sequence of emojis that looked to relate to adult-themed cryptocurrency, Elon Musk propelled CumRocket's price up about 400% in just 10 minutes.
After the tech billionaire's apparent support, the alternative cryptocurrency, which bills itself as "the top NFT 18+ platform for adult producers," plummeted from $ 0.06 to $ 0.28 on Saturday.
CumRocket enthusiasts frequently use the splash and rocket emojis online, and the addition of a moon emoji suggested the price was going "to the moon."
Mr. Musk's newest tweet follows a similarly mysterious one on Friday, in which he simply stated, "Canada USA Mexico."
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Because of the acronym created by these three countries, as well as a slew of other crypto-related tweets, it was widely misinterpreted as a support for sperm-themed cryptocurrency.
On Saturday, June 5, 2021, Elon Musk posted a series of emojis on Twitter, implying that the price of CumRocket crypto will increase 'to the moon.'
(Elon Musk/Twitter)
The SpaceX CEO also updated his Twitter profile picture to an animated representation of the bitcoin logo, complete with “laser eyes” – a symbol used by cryptocurrency fans to express their hope that bitcoin will hit $100,000.
After plunging from an all-time high around $ 64,000 in mid-April, the world's most valuable cryptocurrency is now selling at roughly $ 36,000.
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Mr. Musk's tweet prompted CumRocket to answer with a simulated replica of SpaceX's Starship rocket bearing the cryptocurrency logo.
"What are your thoughts, @elonmusk?" They wrote, "We'll even pay for the paint."
The Securities and Exchange Commission (SEC) of the United States has published an article warning about the dangers of following celebrity financial advice.
The board states, "It's never a smart idea to make an investing decision merely because a well-known person suggests a product or service is a good investment."
“Never invest exclusively on the basis of a celebrity endorsement or other information obtained from social media, investing newsletters, online adverts, emails, or websites. Web-based investment research Internet message boards, direct mail, newspapers, magazines, television, and radio are all options.
According to reports, the SEC is looking at Mr. Musk's support for the meme-inspired cryptocurrency dogecoin, which has witnessed massive price swings in 2021 as a result of his tweets and public statements.
I sincerely hope they do! In reaction to the reports, Mr. Musk tweeted, "That would be great."
The SEC has been approached for comment by the Independent.
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