Off The Cuff

Elon Musk’s Puppy Pick Raised This Obscure Cryptocurrency By Almost 1,000%

September 14, 2021
Bharat Times

Elon Musk shared a photo of his pet Shiba Inu puppy, Floki.

Elon Musk has done it again. Thanks to a tweet by the Tesla and SpaceX founder, the past 24 hours saw an increase in the price of cryptocurrencies including Dogecoin and several obscure coins. So, how did Mr. Musk achieve this? All Mr Musk had to do was share a photo of his new pet dog, a Shiba Inu puppy. In the image, the puppy is sleeping blissfully unaware of the ripples created by his photo in the crypto world. Along with the photo, the billionaire wrote in the caption “Floki aa gaya hai”. Soon, Mr Musk’s tweet went viral.

And not long ago, the tweet had tangible effects, with several cryptocurrencies with the dog-like name registering price increases.

Check out the tweet here:

The winner in terms of price appreciation among floki-themed currencies was the Shiba floki, which saw a record increase of 958.09 percent within 24 hours of the tweet being posted, coin market cap revealed. At present, the currency is seeing a rise of 648.39 percent.

Other cryptocurrencies like the Floki Inu are up 59.08 percent in the last 24 hours, while the Floki Shiba is up 23.46 percent in the same period. According to IndependentThe 150 percent price spike was mirrored in other alternative cryptocurrencies with similar names, including Floki Shiba and Super Floki.

Similarly, the Floki coin also saw an increase of 250% after Mr. Musk’s tweet.

It is also no surprise that the image of the Shiba Inu dog also has an effect on Dogecoin prices. The cryptocurrency, created in 2013 by Billy Marcus and Jackson Palmer, was created as a joke and featured a dog with a “D” symbol.

It soon became a popular cryptocurrency thanks to the backing of Mr. Musk. Dogecoin gained 0.36 percent after this new tweet. Similarly, another cryptocurrency inspired by Dogecoin, baby doge coin A growth of 45.3 percent has been registered in the last 24 hours.

This is not the first time Mr Musk’s tweet has helped prop up the currency’s price, either inspired by the Shiba Inu or the floki connection. In August, when the entrepreneur announced that he would name his pet “Floki,” the Shiba Inu saw its price increase by 16 percent.

Responding to Mr. Musk’s new tweet, Dogecoin’s official Twitter account wrote, “Mr. Musk Sir, I just want to let you know that your dog is somewhat the size of a small bean. Thank you. That’s it. “

Baby Doge Coin followed suit, saying they want “the real thing now”.

Musk’s opinions on social media, as well as his tweets, have changed the course of cryptocurrencies in the past. Now, all eyes are on the Floki-inspired cryptocurrencies to see if they will gain popularity like Dogecoin and prove to be just a one-hit wonder.

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