Elon Musk’s influence in the crypto ecosystem was once again on display after members of the Cult DAO token community connected with the billionaire’s latest tweet.
Musk, nicknamed “The Godfather of DOGE,” tweeted “Cult/Culture” a few hours ago. In addition to CULT, the native token of the CULT DAO, which jumped more than 145% immediately after the tweet, the token is still recording an 84% return over the past 24 hours. The price reached a high of $0.00001 before dropping to current levels.
Source: TradingView
While The DAO isn’t necessarily considered a memecoin, it works similarly based on its volatility. Learning from their Dogecoin (DOGE) and Shiba Inu (SHIB) predecessors, the Cult DAO community relied on tweets to give the coin a bullish edge.
Unlike Elon Musk’s related tweets that helped promote DOGE and SHIB, there is no clear connection between CEOTwitter and the Cult DAO team. This means that a sustained rally may die out in due course, or rather, it may create an unsustainable boost that ultimately affects the performance of the asset.
CULT is trading at a new 30-day high after a sudden spike in price.
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According to USA Today
