Tesla CEO Elon Musk has been criticized for wielding what many perceive to be irresponsible influence over the cryptocurrency market. Musk regularly took to Twitter to post memes and hot takes on various cryptocurrencies throughout most of 2021, not least Bitcoin (BTC) and Dogecoin (DOGE).
On Friday, Musk posted a cryptic tweet with three words listed: Canada, USA, Mexico. Observers interpreted this as Musk cheekily writing the word “CUM,” and within hours, the price of a little-known token called CumRocket more than doubled.
Musk also caused a rapid shift in sentiment towards bitcoin, which he ridiculed for its environmental impact and removed it as a payment option on Tesla’s website.
He is now widely criticized for his irresponsible tweets and manipulation of the cryptocurrency market.