Here’s Why The FLOKI Price Jumped 22% – It Has Nothing To Do With Dogecoin
FLOKI has surprised the crypto market with a fast 22% surge up to now 24 hours after gathering the eye of crypto merchants and meme-coin fans. The value spike, which noticed the meme coin climb from round $0.000066 to as high as $0.0000879, got here with a sudden surge in buying and selling quantity throughout main exchanges.
The first thought is that the transfer may be linked to Dogecoin’s momentum, however the true cause turned out to be one thing completely totally different: a brand new publish by Elon Musk that immediately went viral on the social media platform X.
Flōki Is Back On The Job
The rally started shortly after Elon Musk shared a humorous, AI-generated video of a Shiba Inu canine on X. In the clip, the canine seems sitting at a desk carrying glasses and a tie, leaping on the desk and muttering, “Numbers, numbers, numbers… Is this working? Yay,” alongside the caption, “Flōki is again on the job as X CEO!”
Within minutes of the publish, FLOKI’s buying and selling exercise skyrocketed, and buying and selling quantity soared greater than 700 %. The cryptocurrency group immediately linked the publish to the token, pushing its value upward by over 20 % in simply hours.
FLOKI had been buying and selling round $0.00006966 earlier than the publish, trying to break above $0.00007. However, after the publish, the meme coin’s value had damaged above this degree and had even damaged previous $0.0000 inside just a few hours. Therefore, the transfer confirmed that it was Musk’s publish alone that triggered the run, as there have been no concurrent updates from the FLOKI growth workforce or new change listings.
Why It Had Nothing To Do With Dogecoin
Although Elon Musk’s identify has long been associated with Dogecoin, the king of meme cash, this explicit occasion had nothing to do with it. The FLOKI rally was based mostly purely on the six-second video of the Shiba Inu and never on any reference to Dogecoin. There was no Dogecoin tweet, partnership, or replace from Musk in reference to this episode.
The meme coin surge serves as one other instance of how social media can dictate short-term volatility throughout the meme-coin market. Particularly, the market response reveals how shortly Elon Musk can affect the worth motion of some cryptocurrencies, particularly meme cash.
Dogecoin’s value was principally steady in the course of the FLOKI leap. Dogecoin even broke under $0.20 once more, exhibiting that the 2 meme cash’ actions were not correlated in this instance.
At the time of writing, FLOKI is buying and selling at $0.00007316 after pulling again from an intraday high of $0.00008801 in response to Musk’s publish. Its 24-hour buying and selling quantity is presently at $536.9 million, roughly 75 % of its market cap.
However, with out concrete venture updates or ecosystem enlargement, FLOKI might simply retrace again under $0.00007 as soon as the keenness cools down.
