Elon Musk Tweet Causes Unknown cryptocurrency to shoot 150% in 1 hour

Once again, billionaire Elon Musk made the price of a shitcoin skyrocket, this time by adopting a puppy named “Floki”. The simple similarity to the name made Floki Inu (FLOKI) appreciate 150% one hour after the entrepreneur announce the arrival of your new pet.

In the tweet posted on Sunday (13) night, Musk posted a photo of his new Shiba Inu puppy that inspired the creation of other cryptocurrencies like Musk’s favorite Dogecoin (DOGE).

When Elon Musk announced at the end of June that he would call his new puppy ‘Floki’, the cryptocurrency Shiba Inu (SHIB) was the one who took the opportunity to value it. At that time, Floki was not yet on the market.

It was precisely the nickname given by Musk that encouraged the creation of the currency by developers who wanted to take advantage of the entrepreneur’s influence to make the asset’s price rise in an easy way – which in fact happened on Sunday.

The currency that was worth $0.000016 before the tweet took off to $0.000040 within an hour. This Monday morning (13), FLOKI retreats to US$ 0.000033, but is still up 91% in the last 24 hours, according to CoinMarketCap.

Floki Inu

There is little information available about the project and who is behind it. Floki Inu’s white paper (FLOKI) reports that the token is compliant with Ethereum (ERC-20) and Binance Smart Chain (BEP-20) networking standards, with a total supply of 10 trillion FLOKI.

“Floki Inu is not a meme coin. IT’S A MOVEMENT. A new cryptocurrency generated by Shiba Inu fans and community members. Floki Inu is named after Elon Musk’s own Shiba Inu and he’s hungry for treats from outer space! It’s hyper-deflationary and built to reward you, so more Floki Inu coins are added to your wallet with every transaction,” describes the project.

Over-delivery and an unknown team raises the community’s alert to pump and dump scams. In this offensive, project owners who own most of the tokens inflate their price and when it reaches a peak, they liquidate everything in the market, causing the asset to fall and leaving small investors at a loss.

Floki Inu is not listed on centralized exchanges but can be traded on DEXs like Uniswap, PancakeSwap, 0x and 1inch. Token trading volume on these platforms reached US$33 million on Monday, up 1,730% in 24 hours.