The three leading meme coins — Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) — rallied higher following Elon Musk’s meme declaring his dog, Floki, the new CEO of Twitter.
FLOKI soars over 40%
FLOKI rose roughly 42% following Musk’s tweet to $0.00003 as of press time. The trading volume of the meme coin increased by 290% in the last 24 hours.
Developers of the meme coin introduced a burning mechanism in January designed to reduce its supply. The team also reduced the Floki transaction tax to 0.3%.
Meanwhile, the project developers have introduced new features to the meme coin’s ecosystem, like the metaverse game Valhalla, to encourage more adoption.
DOGE, SHIB jump over 5%
DOGE and SHIB spiked by over 5% to $0.08630 and $0.00001294, respectively, according to CryptoSlate data.
DOGE had risen by over 5% on Feb. 13 after Musk made a humorous tweet about it.
On the other hand, SHIB developers are working on the imminent launch of the project’s layer-2 network Shibarium.
Meanwhile, this is not the first time a tweet from Elon Musk would sway market sentiments. Since Musk’s Twitter acquisition, there have been growing speculations about the role cryptocurrency would play on the social media platform.
The post Elon Musk tweet pumps FLOKI over 40% appeared first on CryptoSlate.
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