TRENDING:
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

Elon Musk’s tweet triggers rally in Shiba-Inu-themed meme coins Dogecoin and Floki

  • Elon Musk’s recent tweet triggered a massive price rally in meme coins Dogecoin, Floki and Shiba Inu.
  • The Shiba-Inu-themed meme coin FLOKI climbed 39%, Dogecoin price climbed 5.4%.
  • Meme coin holders are awaiting the launch of Twitter’s crypto payments, hoping DOGE, SHIB and FLOKI can find utility. 
Elon Musk’s tweet triggers rally in Shiba-Inu-themed meme coins Dogecoin and Floki
Ekta MouryaEkta MouryaFXStreet

Elon Musk, the billionaire CEO of Tesla tweeted a picture of his dog Floki, posing as the CEO of social media giant Twitter. The tweet fueled a bullish sentiment among Shiba-Inu-themed crypto holders, triggering a rally in these tokens. 

Also read: Will Shiba Inu lose 22% gains as PayPal dispels rumors of supporting SHIB payments?

Elon Musk tweets picture of Floki, triggers meme coin rally

Elon Musk, the CEO of Tesla tweeted a picture of his dog named Floki, presenting him as the CEO of social messaging platform Twitter. 

The tweet triggered a reaction in the Shiba-Inu-themed meme coin community and FLOKI, DOGE, SHIB prices rallied in response. 

Floki, the meme coin that shares its name with Elon Musk’s dog soared 39% while Dogecoin and Shiba Inu yielded moderate gains. 

FLOKI price chart
FLOKI price chart 

This is not the first time that meme coins have witnessed a rally in response to self-proclaimed Dogefather Musk’s tweets and comments. 

The meme coin community is awaiting the launch of crypto payments on the social media platform Twitter. DOGE and SHIB holders believe that the meme coins could find utility as payment options on Twitter. 

Musk recently applied for a payments license for the social media platform in the US. Experts believe this is part of the Tesla CEO’s plan to turn Twitter into a “super app” with payment features and more utilities than social media messaging. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.