The influence Elon Musk has over the cryptocurrency industry is not something new. He has again proved that with just a tweet, he can make a coin skyrocket.
After posting a humorous picture of his pet Shiba Inu on X(Twitter) on Monday, Elon Musk caused a significant spike in the memecoin market.
The billionaire shared a message stating that his dog, Floki, was “back on the job” as X’s CEO.
Floki’s Price Actions
The statement was accompanied by an AI-generated movie that showed the dog sitting at a desk, wearing glasses and a tie, and repeating, “Numbers, numbers, numbers? Is this functioning? “Yay!”
Meanwhile, Floki is trading at $0.00007296 and is up by 5.69% in the last 24 hours. The global market cap is at $696.12 million. And the 24-hour trading volume is up by a whopping 800%.
Elon Musk and the crypto space
The influence Musk has over crypto assets and especially over the social media-influenced memecoins is very much in evidence if we see these price movements in these assets. And as we all know, in the past, too, Elon Musk’s social media tweets have resulted in changes in the price of many cryptocurrencies.
Also Read: Analyst Forecasts $0.000044 for $FLOKI After Channel Breakout
In fact, for a long time now, Musk has been linked to the increase of memecoins, especially after Dogecoin. Over the past couple of years, Musk’s comments and tweets, along with the change in Dogecoin’s logo, have resulted in several price fluctuations in Dogecoin.
Not just this, there have been so many scenarios that Musk had to face a lawsuit for this in 2022. The lawsuit blamed Musk he using his power over social media to fluctuate the price and make changes in the price of Dogecoin. However, this case was finally dismissed last year in November when the people who filed the original lawsuit against him decided to drop the case.
As we move forward in time, memecoin launchpads such as Pump.fun have emerged, and practically all of the Tesla founder’s posts are being converted into cryptocurrency tokens, wherever possible.
Floki in the news
The move is noteworthy because it coincides with Floki’s regulated exposure in European markets with the introduction of Valour Floki (FLOKI) SEK, which creates new demand for TradFi.
Especially if the introduction of the Valour Floki (FLOKI) SEK gives Floki regulated spot exposure in European markets and creates new demand for TradFi. How the market takes a turn from here is still to be seen.
For now, one thing is confirmed that Floki is going to continue this bull run for sometime and even reach a new all-time high.