By Hannah Perez
The CEO of Tesla and SpaceX posted a photo of his cuddly puppy, named Floki, on Twitter. The post sent the price of several Floki-themed cryptocurrencies soaring by more than 1,000%.
A handful of Shiba Inu puppy-themed tokens
skyrocketed in price on Monday after billionaire Elon Musk took to Twitter to introduce his new puppy of the Japanese breed, Floki.
The ‘Dogefather’ caused euphoria among members of the Crypto Twitter community after sharing an image of his cuddly puppy. “Floki has arrived
,” Musk wrote alongside the photo of the puppy. In a matter of hours, the tweet has caused several cryptocurrencies with the name FLOKI and dog-themed to rise in price considerably.
Floki has arrived pic.twitter.com/2MiUKb91FT
– Name (@elonmusk) September 12, 2021
The Shiba Floki coin (FLOKI) has risen more than 1,000% in the last few hours, right after the post. Also the similarly named token, Floki Inu (FLOKI) rose 95% in price following the tweet, while its trading volume has soared nearly 2,000% in the past 24 hours, according to CoinMarketCap
Others include Floki Shiba (FSHIB) which rose 30%, Baby Floki Inu (BFLOKI) and BabyFloki (BABYFLOCKI), whose increases were less significant. Interestingly, none of the puppy cryptocurrencies enjoyed the same considerable momentum as Shiba Floki
FLOKI tokens rose in price
According to data from CoinMarketCap, the Shiba Floki (FLOKI) token, based on the Binance Smart Chain (BSC) network, reached an all-time price high of USD $0.000000008 this Monday following the release of the Tesla and SpaceX
The explosive price increase of this and other doggie-themed meme coins suggests to be more related to Musk’s tweet
than to the general trend of the cryptocurrency market, which this Monday remains down.
It should also be noted that the original doggy cryptocurrency, Dogecoin (DOGE), did not enjoy the same positive effect. Unlike its knockoffs, DOGE traded with 4% losses in the last 24 hours at a price of USD $0.23. The popular cryptocurrency
The Shiba Inu-themed
puppy has lost nearly 23% of its value in the last week.
Musk’s new puppy causes a sensation in the market
The Tesla and SpaceX
founder had expressed interest in adopting a Shiba Inu puppy in May. Shortly after, in June, the billionaire posted a message on his Twitter account where he assured that his puppy would be named Floki.
At the time, the tweet sparked several speculations about the pet’s name, with many suggesting it would be based on a character from the TV show Vikings. The post also caused at the time a frenzied flurry of meme tokens that capitalized on the name Floki, and led to Dogecoin’s existing knockoff, Shiba Inu(SHIB), skyrocketing more than 25%
My Shiba Inu will be named Floki
– Name (@elonmusk) June 25, 2021
This year, Musk has become a prominent figure in the digital currency ecosystem after declaring his enthusiasm for the Dogecoin cryptocurrency. He even called himself the “Dogefather
” earlier this year and said he was a fan of memes and puppies. He’s also been working with DOGE developers to push adoption of that currency.
Musk has been heavily influencing the market in recent months, generating various price movements in cryptocurrencies. In this case, the latest meme tokens
were the ones that were favored. Although despite the increase, they still remain below the top 2,000 cryptocurrencies.
It’s worth noting that such copycat coins are less technically robust than their original Dogecoin. Overall, it’s possible that many of these projects are taking advantage of the billionaire’s fame to attract investor attention. Some of these cryptos, including Floki Inu
, have already gone through technical problems causing significant losses to some of their users.
, archived <p>Version by Hannah Estefania Perez / DiarioBitcoin
Image by Unsplash