Elon Musk’s recent tweet featuring an image of Apu Apustaja, a variation of Pepe the Frog, has caused a notable surge in the price of the adult-themed cryptocurrency CumRocket. The token experienced a remarkable increase of 400% in under an hour, highlighting Musk’s significant influence on the cryptocurrency market.

Following the tweet, CumRocket’s price rose from $0.004 to $0.02, although it has since decreased to approximately $0.008. This still represents a 95% increase over the last 24 hours. Musk’s social media activity has consistently played a crucial role in the volatility of cryptocurrency prices.

• This isn’t the first time Musk’s tweets have impacted CumRocket; a previous tweet in June 2021 also caused a nearly 400% jump in just 10 minutes.
• Additionally, the KEKIUS meme token saw an astonishing 1,200% rise earlier this week after Musk embraced the Kekius Maximus persona on X, reaching a market cap of $380 million before experiencing a decline.

In related news, the IRS has announced a postponement of new crypto tax reporting requirements until January 1, 2026. This extension provides digital asset brokers with more time to prepare for upcoming regulatory changes that will require the reporting of cost basis on centralized platforms.

📎 Related coverage from: cryptobriefing.com