- Elon Musk controversially endorses another crypto token
- Musk under fire for manipulating crypto market with cryptic tweets
As the cryptocurrency space continues to deal with the Elon Musk fiasco of manipulating the digital market via tweets, it seems like the Tesla boss has thrown his weight behind another token.
Elon Musk, via his official Twitter, posted an emoticon of droplets followed by an emotion of a rocket before an arrow pointing at the moon deciphered to mean Cumrocket.
Several groups of investors and digital currency enthusiasts have since proclaimed that the Tesla CEO post was an endorsement of the coin, which powers an adult entertainment ecosystem.
As a result of the tweet, Cumrocket’s token (CUMMIES) price, according to Coingecko, has rallied by over 352 percent from its 24-hour low of $0.05482 to its all-time high of $0.2481. However, the jump was short-lived as the coin has since dropped by 22% on PancakeSwap, the decentralized exchange and at the time of writing was trading at $0.096495.
What is Cumrocket
CumRocket is a BEP-20 token, founded in April 2021 by “Lydia,” a British TikToker and software engineer and operates on the Binance Smart Chain. It is available on PancakeSwap and also CumRocket’s own exchange, CumSwap.
CumRocket is focused on revolutionizing the adult content industry by introducing blockchain technology to ensure a safe and equitable environment for 18+ communication and entertainment. It hosts platforms where users can chat, text, sext, own and subscribe to content creators in exchange for CUMMIES tokens.
The project aims to build platforms that can reliably provide adequate space for creators to control their content in the pornography industry. This is a very similar goal that set off the NFT market to become such a popular and accepted digital platform.
CumRocket has recently published its own 18+ NFT market is in its early stages of getting new content creators on its platform. With the growth of this market, creators and users have a safe and reliable platform to enjoy adult content and productively develop its community.
Elon Musk market manipulation
In another related development, Elon Musk has recently come under fire for his tweets, affecting the crypto market on different instances.
His ability to cause the entire crypto market to rise or fall after a tweet has been described by experts as irresponsible. According to the Wall Street Journal, the U.S. Securities and Exchange Commission previously contended to Tesla that CEO Elon Musk had violated a court agreement requiring the company’s lawyers to sign off on some of his tweets in advance.