Meme cryptocurrency Floki Inu up 45% after Elon Musk’s tweet; what happened here?

Floki Inu, a popular meme cryptocurrency, zoomed 45 per cent on Wednesday. The crypto was trading at $0.000022 at 8:45 AM and shot up to $0.000033 at 9:30 AM, as per data from CoinMarketCap.

The sudden rally in the meme crypto can be attributed to Elon Musk’s series of tweets. Musk tweeted a couple of images of a dog belonging to the Shiba Inu breed noting that it is the new CEO of the microblogging site Twitter. The papers spread on the dog’s table indicated that the dog’s name was Floki. 

The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH

— Elon Musk (@elonmusk) February 15, 2023

Floki Inu was trading at $0.000029 at 10:30 AM on Wednesday as per data from CoinMarketCap.

Rally in other meme coins

A similar rally was witnessed in other meme crypto coins as well. Dogecoin, popularly known as Elon Musk’s favourite cryptocurrency, gained over 7 per cent after Musk’s tweet. The crypto was trading at $0.081 and after the tweet it rallied to $0.087, gaining 7.14 per cent in the matter of hours.

Dogecoin was trading at $0.086 at 10:30 AM as per data from CoinMarketCap.

Shiba Inu, another dog themed meme coin, also witnessed gains on Wednesday after Musk’s tweets. The crypto was trading at $0.0000122 and shot up to $0.0000128, up around 5 per cent.

Shiba Inu was trading at $0.0000127 at 10:30 AM on Wednesday.

Elon Musk is known for his support of cryptocurrencies. His followers call him Dogefather, a play on the word Godfather, because he often tweets about Dogecoin causing rallies in the value of the cryptocurrency.

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