FLOKI rate rises by 40% after Elon Musk’s Twitter post

The entrepreneur posted a picture of his dog named Floki, saying that it is “the new CEO of Twitter”

15.02.2023 - 07:15

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2 min

What’s new? On February 15, the rate of the Floki Inu (FLOKI) meme token rose by 40% after Tesla and Twitter CEO Elon Musk posted a picture of his Shiba Inu breed dog wearing a sweater with the words “CEO” and the caption: “The new CEO of Twitter is amazing.” In the document lying on the table next to the pet, the nickname of the “new CEO” is written: Floki. After the post was published, the meme coin’s rate began to rise and stood at $0,00002927 as of 06:00 UTC, according to aggregator CoinGecko.

The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH — Elon Musk (@elonmusk) February 15, 2023

What is known about Floki Inu? It is an ERC-20 standard token based on the Ethereum blockchain. In 2021, Elon Musk said on Twitter that he wanted to get a Shiba Inu dog and name it Floki. The developers created a cryptocurrency similar to the already popular at that time meme coins Dogecoin (DOGE) and Shiba Inu (SHIB). It has a market capitalization of $284,42 million.

What else did Musk write? Following the first tweet, the entrepreneur published a post with a dog sitting at the CEO’s desk, with the comment that Twitter’s new head is “great with numbers.” This is not the first time Musk has mentioned FLOKI in his tweets. In August, the token’s rate rose 25% after Musk’s post promising to show a picture of his dog.

In October 2022, the developers of the Floki Inu token created a petition demanding that the coin be listed on the Binance crypto exchange. The project’s team noted that the asset is rapidly gaining popularity, despite the fact that it is not yet listed on any leading centralized exchange (CEX).

In January 2023, the team launched a vote to burn $55 million worth of tokens and reduce transaction fees. The proposal is part of plans to position Floki Inu as a serious project in the DeFi sector.

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