Elon Musk tweet pumps FLOKI over 40% Elon Musk tweet pumps FLOKI over 40%
FLOKI pumped over 40% in price alongside a DOGE and SHIB pump of over 5% following Elon Musk's meme about his dog Floki.
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Updated: Feb. 15, 2023 at 12:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The three leading meme coins โ Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) โ rallied higher following Elon Musk’s meme declaring his dog, Floki, the new CEO of Twitter.
FLOKI soars over 40%
FLOKI rose roughly 42% following Musk’s tweet to $0.00003 as of press time. The trading volume of the meme coin increased by 290% in the last 24 hours.
Developers of the meme coin introduced a burning mechanism in January designed to reduce its supply. The team also reduced the Floki transaction tax to 0.3%.
Meanwhile, the project developers have introduced new features to the meme coin’s ecosystem, like the metaverse game Valhalla, to encourage more adoption.
DOGE, SHIB jump over 5%
DOGE and SHIB spiked by over 5% to $0.08630 and $0.00001294, respectively, according to CryptoSlate data.
DOGE had risen by over 5% on Feb. 13 after Musk made a humorous tweet about it.
On the other hand, SHIB developers are working on the imminent launch of the project’s layer-2 network Shibarium.
Meanwhile, this is not the first time a tweet from Elon Musk would sway market sentiments. Since Musk’s Twitter acquisition, there have been growing speculations about the role cryptocurrency would play on the social media platform.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
SHIBA INU
$0.00002
Shiba Inu (SHIB) is a decentralized meme token thatย aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm.ย According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
FLOKI
$0.00026
Floki (FLOKI) is the people’s cryptocurrency and the utility token of the Floki Ecosystem.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.