Elon Musk’s tweet raises the price of adult cryptocurrencies by 400%

Adult-only cryptocurrency token CumRocket surged 400% in less than an hour after Elon Musk tweeted an image showing Apu Apustaja, a Pepe the Frog clone, along with a reference to the token.

The price of the token jumped from $0.004 to $0.02 after Musk’s Thursday tweetAccording to CoinGecko Data. However, the momentum quickly faded. The token is currently trading at around $0.008, representing a 95% increase over the past 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 rise nearly 400% in just 10 minutes.

Musk’s tweets have a history of causing significant volatility in cryptocurrency prices, impacting assets like Dogecoin (DOGE) and, in a more recent case, Kekius Maximus (KEKIUS).

Earlier this week, the KEKIUS meme was launched saw a 1200% increase After Musk adopted the persona of Kekius Maximus on X. The token reached a market cap of $380 million before falling when Musk retracted his X identity.

The latest tweet also impacted other related tokens, with the Solana-based APU meme coin rising 18%, according to CoinGecko data.

The post came amid concerns about the IRS’s new cryptocurrency tax reporting requirements, which many believe could result in higher tax liabilities and an administrative burden.

The IRS has delay New tax reporting requirements for cryptocurrencies until January 1, 2026. This extension provides additional preparation time for digital asset brokers to adapt to regulatory changes that force cost-basis reporting on centralized platforms.