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The influence of Elon Musk in the digital currency ecosystem is being felt yet again after Cult DAO token community members connected with the latest tweet from the billionaire investor. Musk, known as "The DOGE Father," tweeted a few hours ago "Cult / Culture," as showcased below.
Cult / Culture
— Elon Musk (@elonmusk) May 2, 2023
On momentum from the tweet, CULT, the native token of CULT DAO, printed sudden growth of 84% over the past 24 hours, pushing its price to $0.000008625. While DAO is not necessarily branded as a meme coin, it behaves like one, judging by its volatility. Learning from its peers, including Dogecoin (DOGE) and Shiba Inu (SHIB), the Cult DAO community leaned on the tweet to create a bullish advantage for the price of the token.
Unlike related tweets from Elon Musk that help in pushing both DOGE and SHIB, there is no visible connection between the Twitter CEO and the Cult DAO team. This implies that the ongoing rally may fade off in due time, or rather, it may create an unsustainable push that can ultimately impact the performance of the asset.
CULT is trading at its 30-day high following a sudden jump in price.
Yuri MolchanMeme coin revolution
It is becoming very common for meme coins to take center stage in terms of leading altcoin momentum at this time. In what many consider to be "meme coin season," PEPE appears to be the obvious leader. Besides its massive price growth that has pushed it into the top 100 list of cryptos by market cap, it recently surpassed Dogecoin's trading volume following its rapid embrace.
With investors now clamoring to invest in these meme coins, advocacy for caution is also rising, as some meme coins like BONK have been known to print unsustainable hype in their short history.
Dan Burgin
Alex Dovbnya