Elon Musk drives Floki Inu's price up almost 90% with just one photo of his dog on Twitter

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According to data from CoinMarketCap, the price of Floki Inu (FLOKI) rose nearly 90% after Tesla CEO Elon Musk posted a photo of his dog named “Floki” on Twitter.

The source: Elon Musk

Elon Musk: “Floki is back”

The coin meme Floki Inu was created on Binance Smart Chain (BSC) on June 28th, the same day that Musk announced that his Shiba Inu dog would be named Floki. In contrast to Dogecoin (DOGE), Floki is a deflationary cryptocurrency that is supported by a proof-of-meme algorithm. In it, the platform rewards users for holding tokens by automatically cultivating profits. This coin meme is currently only available on Uniswap and PancakeSwap. However, the team plans to list it on centralized exchanges according to the project’s roadmap.

Initially, according to Musk’s tweet, this coin meme rose only a marginally insignificant 5%. But within two hours the price of FLOKI suddenly rose by almost 100%, has now fallen a little and was 89.41% in the last 24 hours.

The FLOKI price has increased by almost 90% in the last 24 hours | Source: CoinMarketCap

In March of this year, Musk tweeted that he was going to buy a Shiba Inu dog. It is not known if the billionaire has any hidden meaning, but this announcement sparked a wave of excitement in the Dogecoin community. This drives up the DOGE price.

Musk’s support and the irrational rise of Dogecoin have also fueled an unprecedented demand for real Shiba Inu dogs.

According to the sheet EntrepreneurVeteran dog breeder Jeri Burnside said the waiting list to buy this breed is growing: “All of my breeding friends are very busy with customer inquiries for Shiba dogs. You also have a long waiting list of customers. “

While the FLOKI price has gone up so significantly elsewhere, the DOGE price has fallen 25% in the past seven days and now stands at $ 0.23.