The price of Floki Inu- the cryptocurrency sponsored by Elon Musk- increased temporarily after the CEO of SpaceX and Tesla tweeted his dog’s picture. The cryptocurrency was itself inspired by the Shiba Inu that Musk has- who is also named Floki- and was previously valued at a price of $0.000063 before it experienced this spike- and has now reached a high of around $0.000075, according to data provided by CoinMarketCap.
Needless to say, such an increase remained temporary for the cryptocurrency, for less than an hour after its price jump the cryptocurrency went back to its earlier value and kept sinking further.
Floki Inu Increased Temporarily Due To Elon Musk
On the morning of Monday, the token for Floki Inu had a valuation of $0.000052, which meant the cryptocurrency had fallen down by 16.4% over the last 24 hours. The price spike of 10 minutes appeared minutes after the famous CEO posted a photo of Floki sitting in the trunk of his Tesla. Musk had captioned the picture with ‘Floki Frunkpuppy’.
As it goes without saying, the prices of cryptocurrency are hard to pin down and can be notoriously volatile. They have often been known to be fluctuating pretty wildly over a short interval of time. Experts have consistently spoken about the dangers that come with being associated with them.
As it stands, cryptocurrency tokens like Floki Inu have turned out to be pretty common on the cryptocurrency market according to recent records. They have often been referred to as meme coins like Dogecoin, which enables them to fully utilize some variant of a dog-themed icon or mascot. The market of cryptocurrency is also pretty saturated with spinoff cryptocurrencies and their spinoffs. Currently, there are spinoffs like Shiba Inu, Baby Shiba Inu, and Baby Floki.
The entire origin behind Floki Inu can be attributed to Dogecoin, a cryptocurrency that was originally meant as a joke back in 2013 but has since then achieved mainstream success.