Once again, Elon Musk has outdone himself. Prices of cryptocurrencies like Dogecoin and numerous unknown tokens have risen in the previous 24 hours as a result of a tweet from the Tesla and SpaceX creator. So, how did Elon Musk accomplish this?
All Mr. Musk had to do was post a photo of his new Shiba Inu puppy as a pet. The dog is happily napping in the photograph, blissfully ignorant of the waves its photo has caused in the Bitcoin world. The billionaire captioned the shot with the phrase “Floki has arrived.” Mr. Musk’s tweet quickly became popular.
Soon after, the tweet had concrete consequences, with the values of many cryptocurrencies with names similar to those of the dog skyrocketing.
Take a look at the following tweet:
Shiba Floki, which witnessed a record increase of 958.09 percent within 24 hours of the tweet being released, was the victor in terms of price spike among Floki-themed currencies, according to Coin Market Cap. Currently, the currency has increased by 648.39 percent.
Other cryptocurrencies, such as Floki Inu, have increased by 59.08 percent in the previous 24 hours, while Floki Shiba has increased by 23.46 percent.
“150 per cent price spike was mirrored across other alternative cryptocurrencies with similar names, including Floki Shiba and Super Floki.” according to The Independent.
Following Mr. Musk’s tweet, the Floki currency reached an all-time high of 250 percent.
It should therefore come as no surprise that the Shiba Inu dog’s image has an effect on Dogecoin pricing. The cryptocurrency was invented as a joke in 2013 by Billy Markus and Jackson Palmer and includes a dog with the symbol “D.”
Because of Mr. Musk’s support, it quickly became a popular cryptocurrency. Dogecoin gained 0.36 percent as a result of this new tweet. Similarly, Baby DogeCoin, a cryptocurrency inspired by Dogecoin, has risen 45.3 percent in the previous 24 hours.
Mr. Musk’s tweets have previously aided in the price movement of currencies inspired by Shiba Inu or with a Floki link. Shiba Inu prices increased by 16 percent in August when the entrepreneur stated that he would name his pet “Floki.”
Mr. Musk’s social media posts and tweets have swayed the direction of cryptocurrencies in the past. Now all eyes are on the Floki-inspired cryptocurrencies to see if they will follow in the footsteps of Dogecoin and become one-hit sensations.