Elon Musk recently shared a photo of his new Shibu Inu puppy, Floki. A plethora of Floki-themed tokens are now on the rise.
Flocki-themed cryptocurrencies are gaining popularity after “Dogefather” Elon Musk posted a picture of his new Shibu Inu puppy of the same name on Twitter.
“Floki has arrived,” it simply stated, alongside a photo of the adorably adorable pooch.
Floki-themed cryptocurrencies skyrocketed within hours.
Shiba Floki (FLOKI) soared less than four hours after the tweet was sent, and is now up 1,009 percent in 24 hours, while Floki Inu (FLOKI) is up 108 percent in the same time period, according to CoinGecko.
Baby Floki Inu (BFLOKI) and BabyFloki are two others (BABYFLOCKI). Surprisingly, neither knock-off received the same substantial boost.
The increasing value of these meme tokens suggests that their popularity is more correlated with Musk’s market-moving tweets than with the larger crypto market, which is declining.
Musk gets a doge
Since at least last May, the Tesla and Space X founder has been looking for a Shibu Inu puppy.
In the same month, ULTCOIN365 revealed that he has been working with Dogecoin developers since 2019 to make the cryptocurrency, which began as a joke, a viable payment method, one that can be used to buy a cup of coffee on a regular basis.
Musk announced in August that his new pet would be named Floki, which sparked speculation that the name was based on a character from the TV show Vikings. According to a fan-created wiki, he is a “incorrigible trickster.”
The tweet sparked a frenzy of meme tokens based on the Floki name, causing the price of existing Dogecoin knock-off Shiba Inu (SHIB) to rise by more than 25%.
On a technical level, however, its imitators differ from the original Dogecoin.
Baby Doge, unlike Dogecoin, does not have its own blockchain network. Instead, it is a token that runs on top of the infrastructure of another blockchain. It also claims to be hyperinflationary and intended to become scarcer over time.
Despite their recent price increases, the majority of meme coins, with the exception of Dogecoin, remain well outside the top 2,000 most valuable cryptocurrencies.
Be cautious, doge traders.
Floki Inu, one of the first tokens to capitalize on the puppy theme, ran into problems not long after its launch when users received error messages after withdrawing or selling tokens on the decentralized exchange (DEX) Uniswap.
It resulted in a rash of rug-pulls, threatening to put an end to the doge craze. The token, however, was saved by the community’s determination. Its prospects are bright now that a real-life Floki is guaranteed to draw attention.
Meanwhile, Dogecoin, the original Shiba-Inu-themed meme token, has dropped 5% during the Floki frenzy.
Musk once said, when asked why he likes Dogecoin so much, “Doge has dogs and memes, whereas the others do not.”
However, the Dogefather has been cautious in introducing Floki to his other pet dog, Marvin. In response to a request for a photo of the two together, he tweeted, “They are… not yet friends.”
Cute dogs and Dogecoin spin-offs threaten to dominate Twitter for the foreseeable future as puppy training progresses in the Musk household.