Many rockets have taken off under the leadership of Elon Musk, but the technology CEO and co-founder of SpaceX has just boosted one presented as a digital ejaculate, for the second time.
The price of CumRocket (THE CUMMIES) had surged 68% on Friday, hovering above $0.007 a day after Musk posted a meme on (formerly known as Twitter) bearing the obscure name of the token.
In Musk’s post, popular internet meme Pepe the Frog is depicted communicating with the IRS, discussing the tax implications of on-chain activity involving “cumrocket” and “NFTitties.”
Musk’s message may have referred to the IRS’s postponement of tax reporting requirements on Wednesday, a delay this provides relief to crypto investors until next year. But after Musk’s post, CumRocket’s price quintupled in less than an hour, from $0.004 to $0.022 by 429%. This spike was short-lived, but CUMMIES remains significantly up from before Musk’s tweet.
From Musk called Dogecoin, his “favorite cryptocurrency” of 2019, its ability to generate interest in assets that trade on little more than vibrations has been well documented.
And even though Musk’s influence has grown significantly since spending $250 million to help President-elect Donald Trump win the White House, Musk still serves as an incidental kingmaker for coins in the cryptosphere.
Launched on BNB Chain in 2021, a British TikToker and software engineer known as “Lydia” created CumRocket. Adult actresses Lacey London, Shelby Paris and Lauren Phillips served as ambassadors for the meme corner months after its release.
CumRocket promoters have already focused on Musk’s posts. In 2021, a group of enthusiasts believed that Musk approved the token via a emoji chain on X. At the time, CumRocket reached $0.21, before crashing to $0.07 three days later.
On Friday, CumRocket’s X account reiterated its love for the meme-savvy billionaire, reprising the string of emojis Musk once used.
Musk’s taste in memes could move the markets, and so far it has been without consequences.
A federal judge in Manhattan ruled last year that Musk’s public statements regarding Dogecoin were “ambitious and inflated,” dismissing a class-action lawsuit filed by Dogecoin investors. After an acrimonious back and forththe lawsuit was dismissed in November.
Sam Bankman-Fried?
When it comes to CumRocket’s prominent owners, FTX co-founder and former CEO Sam Bankman-Fried may have been one of them. In 2023, Coinbase Chief Product Officer Conor Grogan related disgraced crypto tycoon’s late hedge fund with a purchase of 950,000 CUMMIES.
Wallet linked to Bankman-Fried had purchased CumRocket sum for $173,000 worth of BNB in ​​June 2021, BscScan data watch. When the wallet’s CumRocket holdings were swapped for Ethereum more than a year later, the tokens were only valued at around $2,200.
Grogan did not immediately respond to a request for comment from Decrypt.
CumRocket’s takeoff Thursday isn’t the first time a coin has jumped on Musk’s Pepe-related posts. It’s not even the first time this week.
The anthropomorphic amphibian, originally created by Matt Furie in 2005, inspired the launch of an $8.8 billion meme coin in 2023. Pepe (PEPE) is the third largest coin in terms of market capitalization, behind Shiba Inu (SHIB) and Dogecoin (DOGE) – the $53.8 billion meme coin that Musk has a long history with.
When Musk changed his nameKÉKIUS) flew away in response. The token was modeled after an image first published on X on December 10.
Yet the race for the meme coin was short-lived. This fell apart when Musk’s profile reverted to his real name and face.
Edited by Andrew Hayward
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