The price of adult-themed cryptocurrency CumRocket shot up by almost 400% after Elon Musk put out some racy tweets on Saturday.
The SpaceX CEO tweeted a splash and rocket emoji, commonly used by fans of the saucily named currency, and the inclusion of a moon emoji apparently signified its price was heading "to the moon".
Fuelling speculation it was a reference to the payment system CumRocket responded to Mr Musk’s tweet with a mocked-up version of SpaceX’s Starship rocket, featuring the cryptocurrency’s logo. “What do you think @elonmusk? We’ll even pay for the paint,” they wrote.
Mr Musk’s latest post on Twitter follows a similarly cryptic message on Friday, in which he simply wrote: "Canada USA Mexico" writes The Independent.
The acronym produced by these three countries, combined with a flurry of other crypto-related tweets, meant it was widely interpreted as an endorsement of the semen-themed cryptocurrency.
The alternative crypto, which describes itself as "the leading 18+ NFT platform for adult creators", rose from $0.06 to $0.28 on Saturday following the tech billionaire’s apparent endorsement.
The SpaceX CEO also changed his Twitter profile photo to an anime image featuring the bitcoin logo, with the character sporting “laser eyes” – a symbol used by cryptocurrency enthusiasts that signifies their hope that bitcoin will hit $100,000.
The world’s most valuable cryptocurrency is currently trading at around $36,000, having fallen from an all-time high above $64,000 in mid April.
The US Securities and Exchange Commission (SEC) recently shared a message warning of the risks involved in following investment advice from celebrities.
"It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment," the advice stated.
"Never make an investment decision based solely on a celebrity endorsement, or other information you receive through social media, investment newsletters, online advertisements, email, investment research websites, internet chat rooms, direct mail, newspapers, magazines, television, or radio."
The SEC is reportedly investigating Mr Musk over his endorsement of the meme-inspired cryptocurrency dogecoin, which has seen huge fluctuations in 2021 based on his tweets and public comments. in reply top the reports Mr Musk tweeted: "I hope they do! It would be awesome."
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