Many rockets have been launched under Elon Musk’s watch, but the technology CEO and co-founder of SpaceX just launched a rocket billed as a digital ejaculate for the second time.
The price of CumRocket (CUMMIES) was up 68% on Friday, hovering above $0.007 a day after Musk posted a meme on X (formerly known as Twitter) with the name of the obscure token.
Musk’s post depicts popular internet meme Pepe the Frog communicating with the IRS and discussing the tax implications of on-chain activities involving “cumrocket” and “NFTitties.”
Musk’s post may be referring to the IRS’s postponement of tax reporting requirements on Wednesday delay that offers crypto investors relief until next year. But after Musk’s post, CumRocket’s price quintupled in less than an hour, rising 429% from $0.004 to $0.022. That spike was short-lived, but CUMMIES remains significantly higher than before Musk’s tweet.
Since Musk called Dogecoin being its ‘favorite cryptocurrency’ in 2019, its ability to generate interest in assets traded on little more than vibrations is well documented.
And while Musk’s influence has grown significantly since he spent $250 million to help newly elected President Donald Trump win the White House, Musk still serves as the occasional kingmaker for meme coins in the cryptosphere.
CumRocket was launched in 2021 on BNB Chain by a British TikToker and software engineer named “Lydia”. Adult actresses Lacey London, Shelby Paris and Lauren Phillips served as ambassadors for the meme coin months after its release.
CumRocket promoters have previously targeted Musk’s posts. In 2021, a group of enthusiasts believed that Musk had endorsed the token through a set of emojis at X. At the time, CumRocket rose to $0.21 before crashing to $0.07 just three days later.
On Friday, CumRocket’s X account reiterated its love for the billionaire meme connoisseur, repeating the series of emojis Musk had once used.
Musk’s taste in memes can move the markets, and so far it has undoubtedly succeeded.
A federal judge in Manhattan ruled last year that Musk’s public statements about Dogecoin were “ambitious and inflated,” dismissing a class-action lawsuit filed by Dogecoin investors. After a bitter one to and frothe lawsuit was dropped in November.
Sam Bankman-Fried?
When it comes to prominent CumRocket owners, co-founder and former CEO of FTX Sam Bankman-Fried may have been one of them. In 2023, Coinbase product director Conor Grogan linked the disgraced crypto mogul’s defunct hedge fund to purchase 950,000 CUMMIES.
The wallet linked to Bankman-Fried had purchased the CumRocket amount of $173,000 worth of BNB in June 2021, BscScan facts shows. When the wallet’s CumRocket holdings were exchanged for Ethereum over a year later, the tokens were worth only about $2,200.
Grogan did not immediately respond to a request for comment from Declutter.
Thursday’s launch of CumRocket isn’t the first time a meme coin has jumped on Musk’s Pepe-related posts. It’s not even the first time this week.
The anthropomorphic amphibian, originally created by Matt Furie in 2005, inspired the launch of an $8.8 billion meme coin in 2023. Pepe (PEPE) is the third largest meme coin by market cap, after Shiba Inu (SHIB) and Dogecoin (DOGE) – the $53.8 billion meme coin with which Musk has a rich history.
When Musk changed hisKEKIUS) rose in response. The token is modeled after an image first posted on X on December 10.
Yet the rise of the meme coin was short-lived. It backfired when Musk’s profile reverted to his actual name and face.
Edited by Andrew Hayward
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