Twitter and Tesla CEO Elon Musk tweeted on Wednesday a photo of his dog “Floki” with the caption, “Twitter’s new CEO is awesome.” This caused changes in the price of the three altcoins. Here are the details…
Elon Musk raised these coins with his new tweet
Elon Musk’s meme announcing “Floki” as the new CEO of Twitter sends the prices of meme coins like Dogecoin, Floki Inu, and Shiba Inu skyrocketing. He also said that “Floki” is much better than the other guy, he’s great with numbers and has style. Many crypto influencers, including Dogecoin creator Shibetoshi Nakamoto, Matt Wallace, Shiba Inu lead developer Shytoshi Kusama, David Gokhshtein, and others, reacted to Elon Musk’s tweet.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
The Floki Inu (FLOKI) price has skyrocketed over 45 percent after the Elon Musk tweet and the current price is trading at $0.00002974. FLOKI price has bounced from a low of $0.00002092 to $0.00003278 in the past few hours. Trading volume on FLOKI has increased by nearly 250 percent in the last 24 hours. Meanwhile, the price of Elon Musk’s favorite cryptocurrency Dogecoin (DOGE) has increased by over 5 percent in just one hour. DOGE price is currently trading at $0.08599. The 24-hour low and high are at $0.08127 and $0.087, respectively.
SHIB and BONE also rose
Other meme coins like Shiba Inu (SHIB) and BONE prices also rose 4 and 8 percent respectively. Shiba Inu lead developer Shytoshi Kusama announced on Tuesday that the layer-2 blockchain Shibarium is ready and will be released soon. It also confirmed that Shibarium will arrive before May this year. Elon Musk is known for influencing crypto prices, especially Dogecoin and Bitcoin. As we reported on Kriptokoin.com, Musk backed Dogecoin with the speculation of integrating the meme coin into Twitter payments.
Recently, the price of Dogecoin surged over 5 percent after Elon Musk casually responded to a tweet that said he was talking about Dogecoin with Fox News executive Rupert Murdoch during Super Bowl LVII on Sunday. A December 2022 report from blockchain analytics firm Santiment warned that historically, massive gains in DOGE and other meme coins are the first sign of a market-wide sell-off.
In the past three months, markets have begun to recover from the depths of the FTX-induced crypto winter. By mid-January, it seemed that Bitcoin had wiped out all its FTX-related drop. The market recovery has also kicked off an alt season, with many of these cryptos posting double or triple-digit gains. Bitcoin is up 34 percent in the last three months, SHIB 40, BONK 533 and Floki 242 percent.
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