Elon Musk has caused the price of CumRocket to shoot up by nearly 400 per cent in just 10 minutes after he tweeted a series of emojis that appeared to reference the adult-themed cryptocurrency.

The alternative crypto, which describes itself as “the leading 18+ NFT platform for adult creators”, rose from $0.06 to $0.28 on Saturday following the tech billionaire’s apparent endorsement.

>> Follow all the latest price updates and predictions with The Independent’s live coverage of the crypto market

The use of the splash and rocket emoji is commonly used by CumRocket’s fans online, while the inclusion of a moon emoji signified that its price was heading “to the moon”.

Mr Musk’s latest post on Twitter follows a similarly cryptic message on Friday, in which he simply wrote: “Canada USA Mexico.”

The acronym produced by these three countries, combined with a flurry of other crypto-related tweets, meant that it was widely interpreted as an endorsement of semen-themed cryptocurrencies.

Elon Musk shared a series of emoji on Saturday, 5 June 2021, that alluded to the crypto CumRocket shooting up in price ‘to the moon’

(Twitter/ Elon Musk)

The SpaceX CEO also changed his Twitter profile photo to an anime image featuring the bitcoin logo, with the character sporting “laser eyes” – a symbol used by cryptocurrency enthusiasts that signifies their hope that bitcoin will hit $100,000.

The world’s most valuable cryptocurrency is currently trading at around $36,000, having fallen from an all-time high above $64,000 in mid April.

CumRocket responded to Mr Musk’s tweet with a mocked-up version of SpaceX’s Starship rocket, featuring the cryptocurrency’s logo.

“What do you think @elonmusk? We’ll even pay for the paint,” they wrote.

The US Securities and Exchange Commission (SEC) recently shared a message warning of the risks involved in following investment advice from celebrities.

“It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment,” the advice stated.

“Never make an investment decision based solely on a celebrity endorsement, or other information you receive through social media, investment newsletters, online advertisements, email, investment research websites, internet chat rooms, direct mail, newspapers, magazines, television, or radio.”

The SEC is reportedly investigating Mr Musk over his endorsement of the meme-inspired cryptocurrency dogecoin, which has seen huge fluctuations in 2021 based on his tweets and public comments.

“I hope they do! It would be awesome,” Mr Musk tweeted in reply to the reports.

The Independent has contacted the SEC for comment.