Shiba Inu-inspired ‘Floki Inu’ pumps 250% after Elon Musk reveals his puppy
Musk, the self-styled ‘Dogefather,’ has a knack for all things memes and dogs. And that’s helping certain cryptocurrencies.
Elon Musk just got home a dog and named it Floki, leading to ‘Floki Inu, a lesser-known crypto inspired by memes and Shiba Inu, jumping 250% in the hours afterward, data from sources and a Musk tweet shows.
“Floki has arrived,” Musk wrote, sending the crypto circles in his tweet replies into a tizzy. These included members of the Floki Inu crypto community, and even others like those from ‘Baby Doge Coin.’
Floki has arrived pic.twitter.com/2MiUKb91FT
— Name (@elonmusk) September 12, 2021
Before Musk’s tweet, FLOKI (the coin) traded at $0.00001818 with a volume of $2.4 million across DEXes and centralized crypto exchanges. It then pumped to a high of $0.00004354 after the tweet, reaching an $8 million volume at the peak price and over $28 million in volume in the hours afterward.
FLOKI has now returned 40,666% to investors since its July lows, meaning every $1,000 put into the coin at the time would be worth over $406,000 today. The coin did briefly see its developers exit the project at one point, but community members piled in over $1 million afterward and revived the project.
Meanwhile, the tweet wasn’t the first time that Musk wrote about Shiba Inu-inspired cryptocurrencies. The Tesla CEO, in fact, spent much of 2020 talking about Dogecoin (apart from electric cars and rockets) on his Twitter account, that it sent the memecoin surging thousands of percent in the past year.
Musk even extended support to the Dogecoin Foundation and called for technological updates to the then-abandoned memecoin, stating it could even become the world currency one day.
No one knows if Musk is only joking around with all his Shiba Inu fascination or not. But niche memecoin communities are probably not complaining.