- A crypto token named after Elon Musk’s dog has soared 200% this yr.
- Floki is one other Shiba Inu-themed token, and was created after Musk posted an image of his Shiba Inu puppy in 2022.
- The Tesla CEO has been related to the dog breed since touting dogecoin and Shiba Inu coin on his Twitter.
A meme crypto token named after Elon Musk’s dog has soared 200% for the reason that start of the yr, beating the gains on other Musk favorites like like dogecoin and Shiba Inu.
Floki climbed to $0.00024 as of 10:00 am ET, up 199% from its price initially of the yr at $0.000008. That is the largest surge among the many crypto market’s top meme coins, surpassing gains posted by dogecoin, which rose 32%, and Shiba Inu, which rose 45% in January, in line with data from CoinMarketCap. Floki has also handily beaten gains seen in mainstream crypto tokens like bitcoin and ethereum, which have gained 39% and 31% respectively for the reason that start of the yr.
The jump in prices comes as Floki holders approved a proposal to burn 4.97 trillion, or $55 million of the tokens, to remove them from circulation, a tactic that might be used to spice up a coin’s price.
The token, one other Shiba Inu-themed cryptocurrency, was created in 2021, shortly after Musk posted an image of his latest Shiba Inu puppy with the caption “Floki has arrived.” By then, Musk had cemented his association with the Japanese dog breed, after touting Dogecoin and Shiba Inu to his Twitter followers.
Musk has periodically posted pictures of his dog Floki on Twitter, though he’s given no clear indication that he’s involved with the Floki crypto project.
After a steep sell-off following the collapse of FTX, crypto prices have rallied to begin the yr as investors assess falling inflation and price in softer rate hikes from the Federal Reserve. This week, Dogecoin soared 10% after the Financial Times reported Musk was seeking to add a payments system to Twitter, resulting in speculation the meme coin could possibly be accepted as payment on the social media site.