Tesla-Themed Coins Spike After EV Giant Unveils 'Cybercab' Robotaxi — Why You Should Be Careful

Cryptocurrencies referencing Elon Musk's Tesla Inc. TSLA surged Thursday as the electric vehicle (EV) juggernaut unveiled its dedicated two-seater robotaxi product.

What happened: A Solana SOL/USD-based coin, TeslaTAXI, pumped over 101% in the last 24 hours, according to CoinMarketCap. The coin's trading volume on the decentralized exchange (DEX) Raydium exceeded $53,000, while its market capitalization surged over $227,000. 

Another cryptocurrency, TESLA, although having a very small market capitalization of $1,800, increased by more than 10% in the past 24 hours. 

Moreover, a cryptocurrency named CYBERCAB on Ethereum ETH/USD-based exchange Uniswap UNI/USD also seemed to be raking in the moolah, soaring 61%.

It's worth mentioning that the aforementioned coins are not directly related to the company or approved by Musk himself. Additionally, the liquidity is markedly low as they aren't traded on major cryptocurrency exchanges and are currently only available on DEXes.

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Why It Matters: The surge came as Tesla revealed its robotaxi, nicknamed the Cybercab, equipped with butterfly wings that open upwards.

The product was unveiled at the event called "We, Robot" held by Tesla at Warner Bros. Discovery Inc.’s movie studio near Los Angeles.

Price Action: Shares of Tesla were up 0.38% in after-hours trading, according to data from Benzinga Pro. The stock closed 0.95% lower at $238.77 during Thursday's regular trading session.

Photo by Avi Rozen on Shutterstock

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