CULT rate rises by 133% following Elon Musk’s tweet

The entrepreneur wrote just two words: “Cult / Culture”

02.05.2023 - 11:00

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What’s new? On May 2, the rate of the native token of Cult, a decentralized autonomous organization (DAO), jumped by 132,77% to $0,00000973. This happened after Tesla and Twitter CEO Elon Musk published a tweet with the text “Cult / Culture.” By 10:30 UTC, the CULT value has adjusted to $0,00000757, according to aggregator CoinGecko.

Cult / Culture — Elon Musk (@elonmusk) May 2, 2023

What is known about Cult DAO? The project aims to build a decentralized community. The CULT token is used to trade and maintain liquidity, with a total supply limited to 6,66 trillion coins. All transactions with the asset are subject to a 0,4% fee, which generates the organization’s treasury. CULT staking is also available to community members, the asset locked in the contract is called dCULT.

The top 50 dCULT holders are The Guardians, who can put proposals for improving the project to a vote, but because of their ownership of a large share of the governance tokens they cannot participate directly in it. The rest of the staking program can vote on community development issues.

How do Musk’s tweets affect cryptocurrencies? On February 15, the price of the meme token Floki Inu (FLOKI) rose by 40% after the entrepreneur tweeted a picture of his dog Floki wearing a sweater with the words “CEO” and the caption: “The new CEO of Twitter is amazing.”

On April 3, Musk put an image of DOGE as Twitter’s logo and the coin jumped by 67,9% to $0,105. On April 7, he returned the original logo to the social network, which led to a 10% drop in the price of the meme token.

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