Many rockets have launched under the watch of Elon Musk, but this time, the SpaceX CEO carried out a special launch, seen as a significant milestone in the digital world.
The value of CumRocket (CUMMIES) skyrocketed on Friday, reaching a high above $0.007 just one day after Musk posted a meme on X related to this little-known digital currency.
In Musk's post, the famous meme 'Pepe the Frog' is depicted discussing tax issues related to the on-chain activities of 'cumrocket' and 'NFTitties' with the IRS.
This may refer to the IRS postponing the tax reporting requirement on Wednesday, a move that gives cryptocurrency investors more time until next year to handle tax issues. However, after Musk shared the post, the price of CumRocket surged five times in less than an hour, reaching a high of $0.022 from $0.004, equivalent to a profit of 429%. Although this peak was only maintained for a short time, CUMMIES still retained a significant increase compared to before Musk tweeted.
CUMMIES 1-Day Price Chart | Source: TradingView
Since Elon Musk called Dogecoin his 'favorite cryptocurrency' in 2019, his ability to significantly influence the digital currency market, solely through personal attention, has been clearly demonstrated.
Musk's influence has significantly increased since he spent $250 million to help President-elect Donald Trump win the election, but so far, Musk remains prominent in playing a crucial role in the creation and promotion of memecoins in the crypto space.
CumRocket was launched on the BNB Chain in 2021, founded by a British TikToker and software engineer nicknamed 'Lydia'. Adult film stars like Lacey London, Shelby Paris, and Lauren Phillips later became ambassadors for this memecoin.
Previous CumRocket promotional campaigns have paid attention to Musk's posts. In 2021, a group of fans believed Musk inadvertently confirmed this token through a series of emojis on X. At that time, CumRocket's price surged to $0.21 before dropping to $0.07 just three days later.
On Friday, CumRocket's official account on X reaffirmed its affection for the meme-loving billionaire by reusing the series of emojis that Musk had once used.
While it is clear that Musk's meme taste can impact the market, so far, these effects have not left serious consequences.
A federal judge in Manhattan previously ruled last year that Musk's public statements about Dogecoin were 'ambitious and exaggerated,' and dismissed the class action lawsuit that Dogecoin investors had filed. After a period of intense debate, the lawsuit was ultimately dismissed in November of last year.
When mentioning the famous owners of CumRocket, Sam Bankman-Fried, co-founder of FTX and former CEO of the exchange, may be a notable name. In 2023, Coinbase's product director, Conor Grogan, discovered the connection between this infamous cryptocurrency mogul's bankrupt hedge fund and the purchase of 950,000 CUMMIES.
A wallet believed to belong to Bankman-Fried made a purchase of CumRocket worth $173,000 BNB in June 2021. However, when the amount of CumRocket in this wallet was converted to Ethereum more than a year later, the total value of the tokens was only about $2,200.
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