Elon Musk has once again boosted the obscure cryptocurrency CumRocket, causing its price to soar by 429% after he shared a meme on X. The meme featured the popular character Pepe the Frog discussing the tax implications of on-chain activities, particularly involving CumRocket and NFTs, coinciding with the IRS's postponement of tax reporting requirements for crypto investors. Following Musk's post, CumRocket's price jumped from $0.004 to $0.022 in under an hour. Musk's influence on cryptocurrencies has been evident since he declared Dogecoin his favorite in 2019, with his endorsements often leading to significant price movements. CumRocket, created on the BNB Chain in 2021, had previously seen drastic price changes due to Musk's posts. Notable past owners include Sam Bankman-Fried, whose hedge fund purchased a substantial amount of CumRocket tokens, highlighting the volatility and speculative nature of meme coins in the current crypto landscape.

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