Elon Musk's Feb. 15 Dog Photo Tweet Ignites Floki Rally — These Memecoins Also Rise

Zinger Key Points
  • Musk's tweet sent waves through the crypto world last week, with Floki emerging as the top gainer.
  • Morgan Creek Capital CIO Mark Yusko slammed Dogecoin and Shiba Inu.

Dog meme coins had a great week, thanks to Elon Musk for sharing a meme featuring his pup Floki posing as the new CEO of Twitter

Cryptocurrency Gains(+/-) Price
Dogecoin +5.38 $0.086
Shiba Inu +5.94 $0.00001309
Bone Shibaswap -5.97% $1.48
Dogelon Mars +14.38% $0.0000004068
Floki +152.77% $0.0000579

What Happened: Musk's tweet on Feb. 15 sent waves through the crypto world, with Floki FLOKI/USD emerging as the top gainer, recording a surge of 152%. Not far behind was Dogelon Mars ELON/USD, with 14.38% gains, followed by Shiba Inu SHIB/USD with 5.94%, and Dogecoin DOGE/USD gaining 5.38%. 

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The week started off with a DOGE wallet that had been dormant for almost a decade. The wallet address had been inactive for 9.1 years and had a balance of two million DOGE.

Morgan Creek Capital CIO Mark Yusko slammed dog-themed meme tokens Dogecoin and Shiba Inu, asserting they have no value. In an interview with Blockworks, the crypto veteran said that, in his opinion, the two tokens should go to zero.

“Every day I have to live with this, where I say the bear market in crypto will be over when DOGE and SHIB go to zero. They never got to zero. In fact, they’re going up again. And there’s no there, there. And the only there is the people who say: Well, you better watch out if they actually find a use case.”

Musk Effect: Musk responded to a tweet that contained a photo of him sitting next to media tycoon Rupert Murdoch and his daughter Elisabeth. The poster had wondered what they were talking about and Musk said the conversation was about “Dogecoin.” This sent DOGE soaring.

The rise in SHIB ecosystem tokens Bone Shibaswap BONE/USD and Dogecoin Killer LEASH/USD comes after Shiba Inu developer Shytoshi Kusama in a Telegram post on Tuesday said ‘Shibarium is ready’, and he will be releasing mediums “to introduce Shib Army to the layer-2 Blockchain.”

After a day, Kusama shared an invite on Twitter for people interested in Shibarium. Kusama said there are multiple values for Shibarium, which are: BURN, PROTECT, HELP and Grow.

According to the latest Shibburn data tracker report, the SHIB army destroyed 27 million Shiba Inu tokens in the last 24 hours. This pushed the burn rate of Shiba Inu to slightly under 100%.

Read Next: Bitcoin Below $24K, Ethereum, Dogecoin Slide: Analyst Says In 'Complete Awe' Of Apex Crypto, Predicts 30% Upside

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Posted In: CryptocurrencyNewsMarketsElon MuskFlokiMark YuskoRupert MurdochShytoshi Kusamatwitter
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