Cryptocurrency shoots up 1300% after Elon Musk says he has a dog with the same name

Elon Musk, tesla’s CEO, just posted on Twitter that he has a new dog named ‘Floki’, as a result, a cryptocurrency called “Floki Inu”, inspired by Dogecoin, shot over 1300% in the following hours.

“Floki has arrived,” Musk wrote, three hours later, the price of the Floki token has shot up by 1309%, according to CoinGecko.

Floki shoots

Before Musk’s tweet, the FLOKI cryptocurrency traded for $0.0000181, with a volume of $2.4 million. After the billionaire’s post, the currency peaked at $0.0000435, with a volume of $28 million in the following hours.

The cryptocurrency meme has returned 40,000% to investors since it was created, meaning that every thousand dollars invested in the currency is now worth $406,000.

Coin saw its developers leave the project for a brief moment, but community members revived the project.

Elon Musk and Shiba Inu

The tweet wasn’t the first that Musk talked about Shiba Inu-inspired cryptocurrencies. Tesla’s CEO spent much of 2020 talking about Dogecoin (in addition to electric cars and rockets) on his Twitter account, which sent the dog-inspired cryptocurrency soaring by thousands of percent last year.

Musk even extended support to the Dogecoin Foundation and called for technology updates for the then-abandoned memecoin, claiming that it could one day become the world’s currency.

No one knows if Musk is just playing with his fascination with Shiba Inu or not. But the memecoin niche communities are probably not complaining.

Musk talked about his plans to name his dog Shiba Inu Floki on June 25th. At that time, the price of another meme token – Shiba Inu – increased by 17%.

In May, Shiba Inu soared 140% after being listed on Binance.

Vitalik Buterin turned out to be Shiba Inu’s greatest keeper. In May, its public wallet contained 505 trillion SHIB – more than 50% of the quadrillion currencies in existence.

Later, Buterin sent 90% of his tokens (410 trillion SHIB) to an inaccessible address. He promised to send the remaining 10% to charities.

It’s important to remember that market analysts agree that Elon Musk’s ability to influence the cryptocurrency market with his tweets is dangerous for ordinary investors.