The value of the asset broke the $0,000016 mark for the first time since May 5

Floki Inu token gains 25% following Elon Musk’s Twitter post

01.08.2022 - 14:10

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1 min

What’s new? On August 1, the meme token Floki Inu (FLOKI) showed a 25% increase after a Twitter post by the head of Tesla, Elon Musk. The entrepreneur mentioned his dog named Floki, noting that he would publish its picture on August 2, and then the rate of the coin with the same name began to rise. The value of the asset broke the $0,000016 mark for the first time since May 5. As of August 13:50 UTC, the asset is trading at $0,00001544, according to CoinGecko.

What is known about Floki Inu? It is an ERC-20 standard token based on the Ethereum blockchain. In 2021, Elon Musk told Twitter that he wanted to get a Shiba Inu dog and name it Floki. The developers created the cryptocurrency by analogy with the already popular at that time meme coins Dogeсoin (DOGE) and Shiba Inu (SHIB). It has a market capitalization of $140,2 million, according to CoinGecko.

In July, US citizen Keith Johnson sued Elon Musk, as well as his companies, Tesla and SpaceX, claiming that they manipulated the rate of Dogecoin. The prosecutor seeks $86 billion in damages from Musk and $172 billion in moral damages. Johnson also asked the court for a complete ban on the promotion of DOGE for the billionaire.

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