There are various factors that determine the prices of cryptocurrencies which include market sentiment, token utility, and hype. Similarly, the actions of influencers and celebrities can affect the prices of cryptocurrencies. Today, we explore how Elon Musk's tweets influenced the demand and price of Floki, the popular meme coin.
Elon Musk’s Twitter post
Recently, Elon Musk posted several tweets about his pet dog Floki, of Shibu Inu breed. Incidentally, the Shibu Inu dog also represents Dogecoin cryptocurrency. Musk’s most trending tweet is about his pet dog Floki seated on a chair, wearing a T-shirt branded CEO. Notably, there are documents and a laptop on the table in front of that dog.
The tweet also includes the words, “much better than the other guy.” Some of Elon Musk’s Twitter followers interpret these words differently. Some of them suggest that Musk’s words mean that the dog would be a better Twitter CEO than the former CEO, Parag Agarwal.
However, other commentators said that Musk’s words simply mean that his Floki dog would be a better CEO than himself since he has been the CEO from the time he took over Twitter.
Musk’s pet dog Floki sitting on Twitter CEO Chair- Twitter
The above image shows Musk’s beautiful Floki dog.
What is Dog Floki coin?
Floki, also called Floki Inu, is a meme coin or one of the dogcat coins which are trending in the crypto market. A team of unknown developers was inspired by Elon Musk, the CEO of Tesla, to develop Floki, a cryptocurrency that exists on both the Ethereum blockchain and Binance smart chain since it is an ERC20 as well as BEP-20 token.
Although Floki started as a meme coin, the developers have turned it into a web3-based project which will have an impact on NFTs and the metaverse. The team’s latest vision is to have its blockchain which will be focused on charitable initiatives, a reason why it is called “The People’s Crypto.” For example, one of its key charitable missions is to build schools in developing countries.
The team behind Floki has also partnered Million Gardens Movement, founded by Kimbal Musk who is Elon Musk’s brother. Also, the fact that Floki is backed by a meme movement focused on helping less privileged members of the global community makes it very popular.
Floki Inu, through two DeFi protocols, Inverse Finance, and BarnBridge, offers various financial services. For example, people are able to stake Floki through Inverse Finance. They can also use Floki as collateral to borrow other cryptocurrencies such as ETH.
In addition, Floki inu has partnered with Nowpayments, an established crypto payment gateway that accepts Floki as a means of payment. People can also use Floki at other online marketplaces such as CryptoCart and Curate (XCUR). These cases show that Floki has much utility in the crypto and metaverse spaces.
Users can make payments at NowPayment using Floki- NowPayments
As we speak Floki is working on a number of related projects which include Valhalla- a metaverse gaming platform, FlokiFi- A suite of decentralized finance products, FlokiPlaces- an NFT marketplace and University of Floki- A content and education platform.
Floki Inu Price Movement
Since January 2023 there has been a growing interest in Floki leading to its rally and high trading volumes.
As the global crypto market showed some positive price movements during January and February the price of Floki increased significantly. For example, the Floki Inu price rose by 95% within 24 hours stretching from 15 to 16 February. That was a significant price rise since it outperformed major cryptocurrencies such as ETH and BTC which gained 8% and 11%, respectively during the same period.
Floki Inu also performed far better than the other meme coins, Dogecoin meme and Shiba Inu which gained 3% and 6% during the quoted period. More significantly, Floki Inu had a cumulative price increase of 430% within a 30-day period that ended on 16 February 2023.
It is also important to note that the trading volume of Floki increased during that period. For instance, Dutch exchange Litebit reported that Floki Inu’s trading volume increased by 46% during the stated period.
How to buy Meme coins on Crypto Exchange
It is very easy to buy and own meme coins at crypto exchanges such as Gate.io. The first step is to create an account and get verified. After that, you fund your account using USDT. Alternatively, you can buy usdt or any major tokens like ETH using a Credit card.
Once you have USDT in your trading wallet you will be able to buy any cryptocurrency including meme coins such as Floki. In this case, you select Floki since it is paired against USDT in the spot trading section.
Once you click on the Floki/USDT pair you will be able to enter the amount of FLOKI you want to purchase, then click “Buy Floki”. Similarly, you can convert any of the major cryptocurrencies like BTC to Floki.
Recently, Elon Musk posted a trending Twitter post of a Floki dog sitting on a Twitter CEO chair. This has led to a surge in the price of the Floki Inu meme coin which has outperformed both Dogecoin meme and Shiba Inu. In fact, the dog Floki coin has gained much since the start of 2023.