Still Hot, Floki Inu Resumes Rally Because of Elon Musk

 

Floki Inu

The meme coin Floki Inu, which has recently been talked about, has experienced another surge in price.

Yesterday, on Wednesday (February 15, 2023), the price of Floki Inu rose more than 60% due to a tweet by Elon Musk that shared a picture of his beloved Shiba Inu dog named Floki, wearing a suit and posing like the boss of Twitter.

And at the time of writing, the price of Floki Inu has not stopped skyrocketing, strengthening more than 46% and causing a sensation in the crypto world.

The price increase today is once again caused by the same sentiment, Elon Musk and his dog's photo.

Decrypt reports that, in the past, every time Elon Musk has tweeted about Dogecoin, his favorite cryptocurrency for a long time, the price of the original doge-inspired token has surged. Musk's incorporation of his love for the proof-of-work (PoW) coin in a sketch during his appearance on Saturday Night Live almost two years ago even led to a crash in DOGE's price.

Other dog-themed memecoins, such as Shiba Inu (SHIB) and Dogecoin (DOGE), have also risen. Both have increased by around 4 percent.

It's premature to determine if FLOKI has taken the place of Dogecoin as the primary memecoin to experience a surge whenever Musk tweets about dogs, especially since his most recent tweet didn't specifically mention Dogecoin.

Nevertheless, during the past month, the price of FLOKI has skyrocketed by 418%, which is significantly greater than Dogecoin's modest 7% increase during the same timeframe.

Features of Floki

Floki DAO, which is a decentralized autonomous organization responsible for making collective decisions about the token, voted to burn (eliminate from circulation) almost 5 trillion FLOKI tokens worth $100 million just last month. 

Despite the significant amount, the decision did not affect the price or supply of FLOKI since the tokens were not part of the circulating supply. Rather, they were locked up in a cross-chain bridge that connected Ethereum to BNB Chain.

They were seeded there to provide liquidity for transactions between the two blockchains.

Floki Inu is actually still a memecoin that doesn't have any special characteristics, so investors should still be cautious about investing in it because the current price is only driven by hype. [pc]


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