Shiba Floki token went up 1,300%

Shiba Floki token went up 1,300%

Elon Musk bragged about his Shiba Inu puppy named Floki, which provoked the growth of some meme tokens.

Elon Musk bragged about his Shiba Inu puppy named Floki

Within three hours of the tweet, the price of the Shiba Floki token soared 1309%, according to CoinGecko. The Floki Inu coin was up 139%.

The Dogecoin (DOGE) meme cryptocurrency initially rose 5%, but then collapsed below pre-Musk's tweet values.

Musk revealed plans to name his Shiba inu dog Floki back on June 25. At that time, the price of another meme token, Shiba Inu, rose 17 percent.

In May, Shiba Inu soared by 140% overnight and hit a new high of $0.000033. The growth of Dogecoin clone value was facilitated by its listing on Binance.

Vitalik Buterin turned out to be the largest holder of Shiba Inu. As of May, his public wallet held 505 trillion SHIB - more than 50% of the quadrillion coins envisaged.

Later, Buterin sent 90% of his remaining tokens (410 trillion SHIB) to an unreachable address. He promised to donate the remaining 10% to charity.

Recall that Eric Nurm, founder of DeFi-platform CoinSwap, said that Ilon Musk's ability to influence the cryptocurrency market with his tweets is a danger to ordinary investors.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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