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Elon Musk has triggered another Dogecoin uptick with his Floki Twitter post. However, the dog-themed spike was considerably short-lived.
Tesla CEO Elon Musk posted a picture of his Shiba Inu puppy ‘Floki’ on Monday, which resulted in a surge in Dogecoin value. The Twitter photo shows the pet puppy in a car seat while Musk appeared to be driving. Following the tweet, the value of Dogecoin jumped slightly before reverting again fifteen minutes later, according to Coindesk. As of press time, the current value of the digital currency is $0.21. Floki Inu (FLOKI) meanwhile is currently changing hands at $0.0000522.
Although Dogecoin’s uptick was minor, Floki, the digital currency named after the actual pet puppy, jumped dramatically after Musk’s tweet. Floki Inu, a self-described ‘new community-owned meme coin,’ currently has over 40,000 holders according to the crypto’s website. The website also reads that the digital asset is a deflationary token by nature, and rewards anyone who holds it. Floki Inu has a total circulatory supply of 9.21T $FLOKI across both the ETH and BSC chains. The token’s icon sports a Shiba Inu wearing a small Viking helmet. The coin description and PR tagline alludes to the eponymous puppy as brave, rewarding and adventurous.
Elon Musk Tweeted about Crypto Several Times Before This Recent Floki, Dogecoin Incident
Musk is known within the crypto space for his tweets which tend to carry a great deal of influence over price movements. So much so, that some sections accuse him of trying to manipulate the prices of crypto like Bitcoin and Dogecoin. In early 2021, Musk tweeted serially about Dogecoin which caused the token to surge, essentially entering meme territory. It reached an all-time high in mid-April, crossing ten cents for the first time. Ironically as the numbers of buyers for Dogecoin mounted, so did the online clamors and protests.
There is an increasing number of investors who blame Musk for misleading them into investing in certain digital assets. They further argue that such investments are sometimes against their better judgement and lead to losses. These aggrieved investors are imploring Musk to desist from what they perceive as crypto market manipulation.
In fact, recently, a new crypto dedicated to stopping Musk came on the scene. It is called $StopElon. Conversely, there are others who almost worship the SpaceX founder and even started a whole crypto for his dog. Also, there is still yet another group of people who blame Musk for no longer tweeting as frequently as he used to. They say his tweets continued to propel their crypto investments forward, but due to cessation of such, they are counting losses.
Since its inception, Dogecoin has been used to donate money to charities. One major recipient is the 2014 Jamaican Bobsled team that could not fund their journey to the Sochi Winter Olympics.