Elon Musk Sends Floki-Themed Dogecoin Knock-Off Soaring 1000% With Single Tweet

Elon Musk, CEO of Tesla Inc TSLA, posted a picture of his newly arrived Shiba Inu dog Floki on Twitter and that was enough to send Dogecoin DOGE/USD knock-offs named after the pooch soaring. 

What Happened: Musk tweeted a photo of the fast asleep Floki on Sunday, simply saying “Floki has arrived.”

Musk’s Twitter following including Dogecoin co-founder Billy Markus noted the arrival of Musk’s latest pet. 

Musk’s post has led to the soaring of Dogecoin knock-offs that have the word “Floki” in their name.

See Also: How To Buy Dogecoin (DOGE)

Shiba Floki FLOKI/USD traded 1406.37% higher at $0.000000008379 over 24 hours. For the week, FLOKI is up 1036.14%. 

FLOKI is up 1206.58% and 1184.37% against Bitcoin BTC/USD and Ethereum ETH/USD respectively. 

It is noteworthy that the token is down 43.52% since it touched an all-time high of 0.00000001 in mid-July. 

Another token, Floki Inu FLOKI/USD, is also up 104.15% at $0.00003291. FLOKI gained 68.72% over a seven-day period.

FLOKI hit an all-time high of $0.00004065 on Sunday and is trading 21.07% below that level.

In comparison, Dogecoin DOGE/USD is up 2.82% at $0.25 over 24 hours. Over a seven-day trailing period, DOGE is down 20.72%. 

Meanwhile, Baby Doge Coin BABYDOGE/USD, a self-described son of DOGE, was trading 0.76% at $0.000000000591 over 24 hours. The puppy-themed coin fell 26.66% for the week.

Why It Matters: It was at the end of June that Musk had said he would name his dog Floki and around that time multiple Floki-themed coins began to emerge.

See Also: Dogecoin Co-Creator Warns: Be 'Realistic' About Investing In Plentiful Binance, Ethereum Ecosystem Tokens

There is a growing demand for the Japanese Shiba Inu breed of dogs thanks to both Musk and Dogecoin.

Dogecoin’s mascot is a Shiba Inu named Kobasu. A piece of non fungible token art bearing the original Dogecoin meme featuring Kobasu recently soared in value to a peak of $550 million.

Musk disclosed on Sunday that Floki was yet to forge a friendship with his other dog Marvin. 

In January, shares of Etsy Inc ETSY hit an all-time high after Musk said he purchased a hand-knit woot “Marvin the Martian” helmet for Marvin on the e-commerce platform.

Read Next: This Rival Meme Crypto Has Outperformed Dogecoin In Last 3 Months

Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasdogecoinElon MuskFlokiFloki InuShiba FlokiShiba Inu
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!