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
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