© Reuters. Elon Musk makes cryptocurrency shoot up 109% after posting picture of his dog
Billionaire Elon Musk has again made the price of a cryptocurrency skyrocket. It is Floki Inu (FLOKI), which rose 109% this Monday morning (13). The movement started after Musk published a photo of his new dog, whose name is precisely Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
— Name (@elonmusk) September 12, 2021
There is no way to say whether the increase was due to the tweet, but the fact is that the movement was coincident. At the same time, FLOKI’s price showed that rapid movement that is characteristic of cryptocurrencies meme.
Thus, FLOKI had a strong reduction in the intensity of the rally, but continues to operate in the positive. At the time of writing this text, the cryptocurrency meme has gained more than 88%.
Cryptocurrency shoots up in price and volumes
It wasn’t just FLOKI’s price that skyrocketed. Before Musk’s message, the cryptocurrency traded for $0.0000181 and recorded a daily volume of $2.4 million. After Musk published the photo, the numbers jumped to $0.0000435 and $33 million, respectively.
In other words, FLOKI’s trading volume grew by an incredible 1.375% over the course of a few hours. The cryptocurrency was resurrected after part of the developers who left the project decided to come back.
Interestingly, this is not the first time that Floki by Elon Musk has caused manipulations in the market. Musk acquired his dog, which belongs to the Shiba breed (named after another cryptocurrency meme) in June and claimed his name would be called Floki. At the time, as reported by CriptoFácil, the message made both Floki’s and Floki’s prices soar.
So far, FLOKI has already offered impressive returns of 40,000%. That is, whoever invested US$ 100 managed to transform this amount into US$ 40 thousand.
Elon Musk’s power of manipulation has already been felt in several meme cryptocurrencies, the name given to cryptocurrencies that have no apparent usefulness. Names like () and the already mentioned FLOKI and are favorites, but Musk has also caused big impacts on the price of ().
Such a stance has already caused problems between Musk and US financial market regulators. According to the US Securities and Exchange Commission (SEC), Musk is banned from talking on Twitter about at least nine subjects. However, cryptocurrencies are not part of this list.
By Easy Crypt
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