Elon Musk and tweet about a crypto: Floki doubles in value
Analysis and predictions

Elon Musk and tweet about a crypto: Floki doubles in value

Billionaire tweets and jumps crypto Floki, a token similar to Doge by 60%.

Yesterday around 4am, the price of FLOKI suddenly rose to $0.000038 on Wednesday. The price of the token continued to rise on Thursday and exceeded $0.000055 in the early hours.

Indeed, Elon Musk revealed the identity of the new CEO of Twitter: it is his dog Floki. This is the reason behind this pump of Floki’s price in a few hours.

However, this new joke of Elon Musk sends the Floki Inu, which is not officially related to Elon’s dog.

It seems that the cryptosphere sees Elon Musk’s recent joke as a move to install a new Twitter CEO who will hopefully be pro-crypto. For several months, Elon Musk has been trying to obtain several licenses from the US authorities. It is not yet known if the crypto payments will be based on an existing crypto like DOGE, or a new native Twitter token.

At the same time, CNBC reported that Musk plans to name his successor as CEO of the social network by the end of the year.

In the past, the new owner of Twitter has several times, intentionally or unintentionally, caused turbulence on the crypto market with his tweets.

In particular, Elon Musk has fueled spikes in the price of Dogecoin, his favorite cryptocurrency. With a market capitalization 20x larger than FLOKI, DOGE has, this time, only risen about 10% since then.

The same goes for Shiba Inu (SHIB), another token with a large market capitalization making the most of the shiba inu breed. The fact that FLOKI has a small capitalization ($470 million) and the same name as Musk’s dog seems to have worked in its favor.

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