Key Takeaways
- Elon Musk’s tweet caused CumRocket’s price to surge by 400% in under an hour.
- Musk’s influence on social media continues to impact crypto prices significantly.
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Adult-themed token CumRocket surged 400% in under an hour after Elon Musk tweeted an image featuring Apu Apustaja, a Pepe the Frog variation, alongside the token’s reference.
The token’s price jumped from $0.004 to $0.02 following Musk’s Thursday tweet, according to CoinGecko data. However, the momentum quickly faded. The token currently trades at around $0.008, representing an 95% increase over the last 24 hours.
Musk had previously tweeted about CumRocket in June 2021, when a series of his emojis, widely seen as a reference to the token, caused its price to skyrocket nearly 400% in just 10 minutes.
Musk’s tweets have a history of causing dramatic fluctuations in crypto prices, impacting assets such as Dogecoin (DOGE) and, in a more recent case, Kekius Maximus (KEKIUS).
Earlier this week, the KEKIUS meme token experienced a 1,200% surge after Musk adopted the Kekius Maximus persona on X. The token reached a market cap of $380 million before retreating as Musk reverted his X identity.
The latest tweet also affected other related tokens, with the Solana-based APU meme coin rising 18%, CoinGecko data shows.
The post came amid concerns about the IRS’s new crypto tax reporting requirements, which many believe could lead to higher tax liabilities and administrative burden.
The IRS has delayed new crypto tax reporting requirements until January 1, 2026. This extension provides additional preparation time for digital asset brokers to adapt to regulatory changes mandating the reporting of cost basis on centralized platforms.
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