Shiba Inu-themed tokens Dogecoin, and Floki Inu have broken out after Twitter owner Elon Musk named the new CEO of the social media giant — well, kinda.
DOGE, Floki Break Out
Floki and Dogecoin have gained significant bullish momentum today following Elon Musk’s latest tweet.
Musk tweeted a picture of his Shiba Inu dog “Floki”, captioning that the new Twitter boss is “amazing” and “better than the other guy”. Several crypto pundits reacted to the Dogefather’s tweet, including Dogecoin co-creator Shibetoshi Nakamoto, Gokhshtein media founder David Gokhshtein, Shiba Inu lead developer Shytoshi Kusama, and others. Musk also said “Floki” is perfect for the job.
Musk took over as the CEO of Twitter after his $44 billion acquisition deal for the micro-blogging platform closed in late October. It’s worth mentioning that Musk and then-Twitter CEO Parag Agrawal got off on the wrong foot when they first talked in March, and Musk ended up showing him the door just eight months later.
In December, it was revealed that Musk was actively searching for a new Twitter head after an online poll he conducted on the topic suggested that he should leave the CEO post.
The price of Floki Inu rocketed a whopping 52.89% after Musk’s latest tweet, currently changing hands at $0.00003118. The coin’s trading volume is also up by 528% over the day.
Shiba Inu (SHIB), another Shiba Inu-inspired cryptocurrency, has swelled by 4.7%. On the other hand, Bonk Inu (BONK) is trading flat.
Meanwhile, the tech billionaire’s preferred cryptocurrency Dogecoin surged 5.5% in the span of an hour, making it the third-best-performing asset among the top 10 cryptocurrencies. As per CoinGecko, the volatile doggy-themed token is trading at $0.086456 as of press time.
In terms of daily gains, DOGE — currently the industry’s ninth-largest crypto by market capitalization — trails Cardano (ADA) and Polygon (MATIC), which are up 6.9% and 6.4% respectively over the span.
When DOGE Support?
This is notably not the first time DOGE is skyrocketing on the back of Musk-related news events. Dogecoin saw modest gains in late January after a report suggesting that Twitter’s upcoming payments product would support crypto.
Musk was also instrumental in helping DOGE shoot up to a historic high of $0.73 on May 8, 2021, via several tweets, a Saturday Night Live sketch, and revealing he had personally invested in the canine-themed token.
Now that Musk is the owner of Twitter, speculation that he will incorporate the original meme coin into the social media platform is reaching a fever pitch. Yet, no solid plans have been announced as we speak.
Nonetheless, regardless of whether Musk eventually integrates DOGE with Twitter or not, this recent episode has exposed valuable information about Dogecoin and the Tesla CEO’s relationship with it. It’s clear that the South African-born American entrepreneur will continue to shill his favourite crypto asset.