Tesla-Themed Coins Spike After EV Giant Unveils ‘Cybercab’ Robotaxi — Why You Should Be Careful – Emeren Group (NYSE:SOL)

Cryptocurrencies referencing Elon Musk’s Tesla Inc. TSLA surged Thursday as the electrical car (EV) juggernaut unveiled its devoted two-seater robotaxi product.

What occurred: A Solana SOL/USD-based coin, TeslaTAXI, pumped over 101% within the final 24 hours, according to CoinMarketCap. The coin’s buying and selling quantity on the decentralized change (DEX) Raydium exceeded $53,000, whereas its market capitalization surged over $227,000. 

One other cryptocurrency, TESLA, though having a really small market capitalization of $1,800, increased by greater than 10% prior to now 24 hours. 

Furthermore, a cryptocurrency named CYBERCAB on Ethereum ETH/USD-based change Uniswap UNI/USD additionally appeared to be raking within the moolah, hovering 61%.

It is value mentioning that the aforementioned cash aren’t immediately associated to the corporate or permitted by Musk himself. Moreover, the liquidity is markedly low as they are not traded on main cryptocurrency exchanges and are presently solely out there on DEXes.

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Why It Issues: The surge got here as Tesla revealed its robotaxi, nicknamed the Cybercab, outfitted with butterfly wings that open upwards.

The product was unveiled on the occasion known as “We, Robotic” held by Tesla at Warner Bros. Discovery Inc.’s film studio close to Los Angeles.

Worth Motion: Shares of Tesla had been up 0.38% in after-hours buying and selling, based on data from Benzinga Pro. The inventory closed 0.95% decrease at $238.77 throughout Thursday’s common buying and selling session.

Photograph by Avi Rozen on Shutterstock

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