After members of the Cult DAO token community connected with Elon Musk’s most recent tweet, his influence on the digital currency ecosystem is once again being felt. Musk, referred to as “The DOGE Father,” just tweeted “Cult / Culture,” as seen below.
As a result of the tweet’s momentum, the price of CULT, the native token of CULT DAO, unexpectedly increased by 84% in the previous day, reaching $0.000008625. Despite not being specifically identified as a meme coin, DAO exhibits characteristics of one based on its volatility. The Cult DAO community, taking a cue from its contemporaries Dogecoin (DOGE) and Shiba Inu (SHIB), relied on the tweet to boost the price of the token.
There is no apparent relationship between the Cult DAO team and the Twitter CEO, in contrast to Elon Musk’s connected tweets that support the promotion of both DOGE and SHIB. This suggests that the current rally may eventually peter out or produce an unsustainable push that might have an influence on the asset’s performance.
CULT’s price has recently increased, and it is currently trading at a 30-day high.
Meme coin revolution
Meme currencies are increasingly taking the lead in terms of driving altcoin momentum at the moment. PEPE seems to be the clear frontrunner in what many refer to as “meme coin season.” Along with its increasing adoption, which has propelled it into the top 100 list of cryptocurrencies by market valuation, it just overtook Dogecoin in terms of trading volume.
Advocates for caution are becoming more vocal as investors rush to buy these meme currencies since some of them, like BONK, have a history of printing unsustainable hype.
