Santa Floki Price Rallies 5,000% after Elon Musk’s Tweet

UTC by Benjamin Godfrey · 3 min read
Santa Floki Price Rallies 5,000% after Elon Musk’s Tweet
Photo: Unsplash

The Santa Floki project is based on the philosophy that those who want to do good should come together and contribute to the less fortunate.

The price of Santa Floki, a relatively new memecoin shot up as much as 5000% after Elon Musk shared a “Floki Santa” tweet. The followers of the chief executive officer of electric vehicle company, Tesla Inc (NASDAQ: TSLA), particularly those in the crypto ecosystem are perhaps conversant with these kinds of tweets, having experienced the same in the case of Dogecoin (DOGE) and a host of other memecoins.

On Christmas day, Elon Musk posted a picture of his Shiba Inu pet dog named Floki and captioned it “Floki Santa” in what is originally supposed to be a fun tweet. However, Elon Musk’s followers see such tweets as an accumulation signal for whatever memecoin that best represents his posts at that point in time. This time, Floki Santa was a very close match and investors went on the offensive and accumulated the coin which comes with the ‘HOHOHO’ ticker symbol.

Per the data on CoinMarketCap, the price of Santa Floki rose from $0.0000000129 to a seven-day high of $0.000002414, which also corresponds to the coin’s new all-time high (ATH). At the time of writing, the coin has retracted by about 24.24% from the ATH high and is changing hands at $0.000001917.

It is unclear whether Elon Musk has any connections with Santa Floki, but from his track records, he is known to be heavily interested in other pioneering memecoins like Dogecoin. As reported earlier by Coinspeaker, the iconic CEO expressed his intentions to be the fake chief executive officer of the Dogecoin project in response to a tweet from the creator of the coin who now goes by the name, Shibetoshi Nakamoto.

A Peek into the Santa Floki Project

The Santa Floki project was founded on November 16 as a Binance Smart Chain (BSC) project. One of the memecoin’s primary goals includes building an established brand with a dedicated community and purpose this holiday season.

The Santa Floki project is also based on the philosophy that those who want to do good should come together and contribute to the less fortunate. It believes in the principles of sharing wealth through passive BUSD income and planning to donate to reputable charities such as Save The Children.

Despite the fact that Santa Floki is a memecoin, the developers are projecting to float ecosystem functionalities designed to add more value to the entire project. As detailed on the project’s website, the development of a personal wallet is underway, as well as the launch of its Non-Fungible Token (NFT) functionality.

In addition to these, the project is also looking toward exchange diversification, multiple billboard advertisements, and to ink a lot of progressive partnerships with prominent figures in the space. Though the project is still in its infancy, it has shown the potential to be amongst the most successful memecoin projects around today.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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