Elon Musk’s Puppy Causes This Memecoin’s Price to Soar
Once again Elon Musk showed how he can indirectly influence cryptocurrency prices with his jokes on Twitter.
The value of a memecoin, Floki (FLOKI), surged after Twitter CEO Elon Musk tweeted pictures of his Shiba Inu puppy, which he named Floki.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
This surge happened despite Musk’s tweets being unrelated to the crypto asset. At the time of writing, FLOKI had jumped over 60% from around $0.000023 to $0.000037.
However, FLOKI is still down more than 89% from its all-time high of $0.00033651.
This is not the first time FLOKI has experienced a significant price increase this year. In late January and early February, the token increased by over 218% from trading at around $0.000011 to a high of $0.000035 on February 6th.
This increase was due to a proposal from the Floki community to burn 4.97 trillion tokens, which aimed to reduce the risk associated with the cross-chain bridge that held the tokens.
The project stated that an exploit on the bridge could have a catastrophic impact on the project, as it currently holds 55.7% of what should be FLOKI’s total circulating supply. The DAO voted in favor of the proposal, and the tokens were burned.