Elon Musk's Floki Inu cryptocurrency skyrocketed after he tweeted a photo of his dog

Elon Musk’s Floki Inu cryptocurrency skyrocketed after he tweeted a photo of his dog

Floki Inu
Floki Inu, source: twitter.com/realflokiinu

On Sunday night, the price of Floki Inu, a crypto token, was suddenly skyrocketed after Tesla and SpaceX founder Elon Musk tweeted a photo of his puppy.

Before Floki Inu hits its peak hike for a short instant, it was priced at around $0.000063 and got alleviated around $0.000075 as per Coinmarketcap stat.  

But, unfortunately Floki Inu was not able to maintain its growth. After the vertical price spike, the coin value sliced back to its original less than an hour after that incident and continued to fall.

Floki was worth around $0.000052 at 5:00 a.m. EDT on Monday, which fall down 16.4% in last 24 hrs.

Floki Inu & Elon Musk’s Tweet

Elon Musk shared a photo of Floki sitting in the front trunk of a Tesla with a caption “Floki Frunkpuppy” after which the token had a 10-minute price jump.

The price of cryptocurrency is often erratic. Crypto price changes intensely in a short amount of time. Recently, tokens like Floki Inu and many others have become more popular. They’re commonly known as meme coins, and they include a dog-themed mascot or emblem. Other similar tokens to Floki includes Shiba Inu, Baby Shiba Inu, and Baby Floki.

These all started with the initiation of Dogecoin back in 2013 when the token was launched as a joke. The coin is now having the market cap of $28 billion and worth around $0.21 on Monday. Previously, the market cap of Floki was around $494 million.

The hype of Floki Inu token has been re-ignited by Elon Musk on Sunday night for the second time. On September 12, Elon posted a photo of his dog Floki sleeping on the carpet with the caption “Floki has arrived.”

Floki Inu witnessed a major hike in price that lasted till September 16 and eventually fell, which raised again for the rest of the month, according to the Coinmarketcap.

The token was initially launched in the summer of this year, right after Musk tweeted in June stating that he was going to get a new Shiba Inu puppy named Floki.

A bitcoin price increase is difficult to forecast. While many cryptocurrency investors believe that a fortuitous endorsement from Musk will make their investment profitable, the market does not always react favorably to his statements.

Musk’s performance on Saturday Night Live in May of this year was heralded as a huge boost for Dogecoin, the cryptocurrency token with which he is most closely identified. His emergence, on the other hand, precipitated a price drop from which the token has never fully recovered.

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