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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.

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