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Elon Musk shook the crypto market by posting an image of his Shiba Inu dog, Floki wearing clothing of a CEO. This caused the price of FLOKI token to climb quickly. Within hours of the post, FLOKI surged by over 20%, climbing from $0.00006689 to a peak of $0.00008043, according to TradingView.
FLOKI Tops Crypto Gainers Charts After Musk’s Tweet
Musk’s tweet, “Flóki is back on the job as X CEO,” quickly went viral, pushing FLOKI into the top trending coins on CoinGecko. The move came amid a sharp rise in market activity.
Coinglass data recorded that FLOKI derivatives volume increased by 663% to reach $283 million with open interest increasing by 165% to reach $37 million. This upsurge brings back renewed speculation of
Musk having an impact on the memecoins market amid his long-running collaboration with dog-themed tokens. Earlier this month, Floki debuted its first European ETP, marking a milestone for meme coin legitimacy.
The memecoin’s official X account quickly reacted, celebrating the tweet by declaring FLOKI the “#1 trending coin” on CoinGecko. The team called it “The people’s crypto,” referencing both Musk’s pet and the project’s branding as “Elon’s dog.” The listing of FLOKI on Robinhood and other exchanges, further underline its expanding reach across mainstream trading platforms.
Market data from Coingecko showed FLOKI ranking as the top trending cryptocurrency shortly after Musk’s tweet. Other smaller gainers include Ergo and Bio Protocol.
Musk’s Post Coincides with Meme Market Rally
The market cap for memecoins also increased by 5.8% to approximately $64.4 billion. This indicates that the presence of Musk on social media is still able to stir this market.
In addition, the all-time performance FLOKI all-time performance is up by 148%, although it has fallen by more than 50% in the past year. A recent market analysis for FLOKI projects that continued adoption and strong retail sentiment could trigger a further 160% rally in its price.
Though the tweet may have been casual, it did not take long before investors considered it a favorable sign. This response was also a reflection of previous events in the market. The remarks or memes of Musk about Dogecoin and Floki Inu causing their prices to skyrocket.
The market reaction indicates once again that the social sentiment is still a significant driver of meme token prices in spite of general market activity.
At press time, FLOKI price had dropped slightly to approximately $0.00007985 but still kept its double-digit gains in the last day. The longevity of the rally may depend on other positive social sentiments and favorable broader market activities.
