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Elon Musk’s Puppy Causes This Memecoin’s Price to Soar

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.

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.

READ MORE: Bitcoin Greed Index Rises, Altcoins Expected to Outperform – Glassnode Report

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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