Elon Musk boosts $CULT: What's behind it?

Elon Musk, CEO of Tesla and SpaceX, has become a major player in the cryptocurrency market. With his mysterious and often sarcastic tweets, he can move markets in an instant. Recently, he once again demonstrated his influence by propelling the Cult DAO token (CULT) up more than 70% with a simple word: “CULT”. This sudden surge raises questions about his true intentions. Let’s discover together what’s behind it.

Musk’s mysterious tweet causes a 70% spike in CULT price

The influence of Elon Musk on the cryptocurrency market is undeniable. With his provocative tweets, he has already moved the prices of Dogecoin and Floki Inu. Recently, the change in Twitter’s main logo, where Dogecoin‘s dog head replaced the blue bird, also caused a 30% increase in the price of DOGE.

But while Musk may seem obsessed with manipulating cryptocurrency prices, he is actually just tweeting his follies and opinions. And yet, his tweets can have spectacular effects on the markets.

Today, two simple words were enough to propel the CULT token price up more than 70%. In one of his enigmatic tweets, he simply wrote “CULT”, referring to the Cult DAO blockchain. This mention immediately drove the price of the CULT token to $0.000008625.

However, unlike his tweets that have a positive effect on DOGE and SHIB, we have not seen any link between the Twitter CEO and the Cult DAO team so far. This leads us to question Elon Musk’s true motivations for this tweet about CULT.

Cult / Culture

— Elon Musk (@elonmusk) May 2, 2023

Could Tesla’s CEO make CULT the new DOGE?

Elon Musk, the man with multiple projects, could he have discovered a new gem? The question can legitimately be asked. But what could motivate him to embark on a new project, when he already has so many responsibilities, especially with Dogecoin? The situation is indeed difficult to analyze.

Since acquiring Twitter, Musk has always intended to make this platform a true payment method. In November 2022, the blue bird was registered with the US Treasury as a payment processor. 

And in January of this year, rumors circulated on Twitter that the social network was planning to launch Twitter Coins, a virtual currency allowing users to buy “Coins” to pay content creators.What is certain is that Musk intends to introduce a cryptocurrency on Twitter. The question that remains unanswered is which one? Will he create a new one from scratch? Or will he adopt one of the cryptocurrencies he already supports, such as Dogecoin or even CULT, which seems to have caught his attention? Only time will tell us clear answers.