Elon Musk caused the price of the Shiba Floki cryptocurrency to rise 1000% after he tweeted an image of a Shiba Inu dog, captioned “Floki has arrived.”
The image is actually Musk’s latest addition to his family, a Shiba Inu puppy named Floki. Musk had announced in a tweet published in June – at the height of the Dogecoin craze – that his new pup would be called Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
– Name (@elonmusk) September 12, 2021
But due to Musk’s infamous story of tweeting about cryptocurrency, especially Dogecoin, many developers have created new Shiba Inu-themed coins in hopes of riding the wave of Doge’s promotion. by Musk. So the developers were prepared for the event of a new Musk pump, having created the “Shiba Floki” token between his first tweet this summer and the actual arrival of the puppies this Sunday.
Their plan worked: Once Musk posted Floki’s photo, Shiba Floki pumped out a staggering 1000%. Other Floki-themed pieces like “Floki coin”, “Floki Inu” and “Floki Shiba” saw increases of 250%, 60% and 25%.
The official Dogecoin twitter account offered a cheerful response to Musk’s tweet, saying “Mr. Musk sir, I just want to let you know that your doge is shaped like a little bean. Thank you. That’s all.”
Elon Musk’s tweet follows cryptocurrency’s steady comeback
This huge pump in the Doge and Floki-inspired cryptocurrency arena follows an already massive increase in Dogecoin and the entire crypto market four weeks ago.
On August 17, the cryptocurrency’s market value rebounded to $ 2 trillion as Dogecoin saw an 18% increase in its value.
But Doge was not alone in this ascent, Bitcoin, XRP, and Cardano all saw significant pumps during this time, with Bitcoin reaching almost $ 50,000.
“Bitcoin continues above its critical 200-day moving average,” strategists at Fundstrat, an independent research firm, noted on Friday. Also on our radar, Cardano (ADA), which, after reporting smart contracts, is expected to arrive on the platform soon earlier this week is up. “
The market surge follows the cryptocurrency industry’s unsuccessful attempt to change crypto tax reporting rules in a U.S. infrastructure bill that allowed broad oversight of cryptocurrencies.
“The price of Bitcoin has been surprisingly resilient in the wake of the news,” NYDIG Global Research Director Greg Cipolaro said on Saturday. “We interpreted this price action as extremely bullish” and “we believe that the recognition of the crypto industry by lawmakers has ultimately been a legitimizing event, an event that should reassure investors that this industry is here to stay, ”Cipolaro added.
The digital currency market certainly posted positive gains last month, but the $ 48,000 mark is a far cry from Bitcoin’s historic April record of $ 64,000. Fear, uncertainty and doubt still plague the crypto market after going through a rough patch earlier this summer.