Floki Inu price jumped by roughly 85% after Elon Musk posted a photo of his dog on Twitter

At the time of writing, Floki Inu (FLOKI) price is trading at $0.00003101, up more than 83% in the last 24 hours. One of the reasons for the current increase is because Tesla CEO Elon Musk posted a photo of his dog on Twitter.

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Source: CoinMarketCap

Elon Musk sends Floki Inu price soaring with a photo of his dog

However, the original canine meme coin only added a mere 5% before completely retracing its gains during a broader market sell-off.

“Floki has arrived,” Musk tweeted.

floki-inu-price-jumped-by-roughly-85-after-elon-musk-posted-a-photo-of-his-dog-on-twitter

Source: Elon Musk

The Floki Inu cryptocurrency was created on Binance Smart Chain (BSC) on June 28, and the day Musk announced that his Shiba Inu dog would be named Floki. Unlike Dogecoin, Floki is a deflationary cryptocurrency that is powered by “proof of meme.” It rewards users for holding tokens using auto farming. The meme coin is currently available only Uniswap and PancakSwap, but the team plans to get it listed on centralized exchanges as well, according to the project’s roadmap.

Back in March of this year, Musk tweeted that he would buy a Shiba Inu dog in March, causing a wave of excitement in the Dogecoin community and driving the price of the original meme much higher.

Musk’s endorsement and the monstrous Dogecoin rally also fueled unprecedented demand for real Shiba Inu dogs.

“All my breeder friends are being inundated with requests for puppies, and they have waiting lists that are miles long”, veteran dog breeder Jeri Burnside says that his friends already have miles-long waiting lists, Entrepreneur reports.

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DOGE/USD 4-hour chart | Source: TradingView

Meanwhile, Musk’s favorite memecoin Dogecoin (DOGE) is down 5% in the past 24 hours and 25% in the past seven days. At the time of writing, DOGE is chaining hands at $0.23.

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