Cryptocurrency markets were trading lower today, but a tweet from Elon Musk did not fail to send the price of Shiba Inu (CRYPTO: SHIB) and Floki (CRYPTO: FLOKI) skyrocketing.
What Happened: Minutes after a tweet from the Tesla Inc (NASDAQ:TSLA) CEO, popular Shiba Inu-themed currency SHIB surged by over 25% to trade at $0.00000827.
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My Shiba Inu will be named Floki
— Elon Musk (@elonmusk) June 25, 2021
Musk tweeted that his Shiba Inu would be named Floki, which immediately led to some speculation that Musk has switched allegiances from Dogecoin (CRYPTO: DOGE) to Shiba Inu.
Why It Matters: While some wondered if the name ‘Floki’ was significant in any way, one user wasted no time in creating a new cryptocurrency token called Floki Inu.
$FLOKI just did a 3500% thanks to this tweet lmao pic.twitter.com/Xse3wUv7Fs
— Crypto Canine (@CryptoCanineNFT) June 25, 2021
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The token had 1268 holders at the time of writing, according to data from Uniswap Pair Explorer.
Read also: 'Keep Dogecoin Absurd,' Dogecoin Creator Revisits His Message From 2014
Multiple copycat Floki tokens have since begun to emerge, and several crypto traders attempted to caution others against investing in the coin.
“FLOKI is a pump and dump! 95% in 10 wallets,” wrote one user on Twitter.
What Else: The past few weeks have demonstrated that dog tokens continue to be popular, even when the crypto market is on a downtrend.
Another Dogecoin-inspired cryptocurrency called Baby Doge (CRYPTO: BabyDoge) has been recently created by “fans of the Doge community.”
According to the team, the hyper deflationary token has passed 122,000 holders and $480 million in market cap in just two weeks.