On Sunday, Elon Musk's tweet sent Dogecoin and its altcoins price soaring. The photo of the Tesla CEO's newly arrived Shiba Inu dog caused Dogecoin knockoffs to grow 1000 percent higher.
Last June, Musk tweeted: "My Shiba Inu will be named Floki." As usual, Musk left his fans to interpret the meaning behind his statement.
My Shiba Inu will be named Floki— Elon Musk (@elonmusk) June 25, 2021
Many on the internet immediately linked up the Shiba Inu to the popular cryptocurrency Dogecoin. Dogecoin, which started as an internet joke, showcased a fantastic 10,000 percent growth in its market early this year. Investors who utilized the surge made millions of dollars in the process.
Dogecoin's success inspired many developers to create dog-themed cryptocurrencies. Musk's June tweet caused these developers to name their crypto coins Floki.
More recently, Musk tweeted that "Floki has arrived." A photo of the cute Shiba Inu curled in its sleep was attached to the tweet. The tweet sent Floki-named crypto coins soaring.
Floki has arrived pic.twitter.com/2MiUKb91FT— Name (@elonmusk) September 12, 2021
Dogecoin Value: Floki Coins Get 1000% Growth
Many cryptocurrencies were developed under the Floki trend. Most notable among them are Shiba Flokie (crypto: FLOKI) and Floki Inu (crypto: FLOKI), per Benzinga.
Shiba Floki traded at $0.000000008379, approximately 1406.37 percent higher than the Sunday market. At the time of writing, the price dropped to $0.00000000204, 254.48 percent lower in the past 24 hours.
On the other hand, Floki Inu traded $0.00003291, approximately 104.15 percent higher than the Sunday market. At the time of writing, the price dropped to $0.00003094, 82.98 percent lower in the past 24 hours.
During the event, the Baby Doge Coin faced a steady drop, which traded at $0.000000000533 with a 9.03 percent downward trend in the last 24 hours.
To summarize, the dog-themed coin all experienced a momentary boost where their market leaped to new all-time highs. However, right after the hype faded, trade value immediately dropped at record-breaking speeds.
But the Dogecoin fever is far from over.
Billy Markus Replies on Elon Musk's Tweets: Dogecoin Price Boost
Musk's tweet snagged the attention of Dogecoin co-founder Billy Markus, who with a comment "I like him."
i like him— Shibetoshi Nakamoto (@BillyM2k) September 12, 2021
Unfortunately, the sentiment was lost on the market. Dogecoin maintained trading values at $0.24 levels. CoinDesk said Dogecoin traded at $0.234075 with a 3.75 percent downward trend in the last 25 hours.
Notably, the coin did not receive a price boost through Musk's tweets.
Dogecoin investors might have to wait out other influential investors like Mark Cuban to back them up in the market. They also have to struggle to break past the $0.24 resistance in the market.
Keep in mind, however, that cryptocurrencies have very erratic markets. Newer coins like the Floki tokens have an especially risky digital market. Traders are recommended to invest only what they could afford to lose when trading Dogecoin, Floki crypto coins, and cryptocurrencies in general.
Related Article: Ethereum Price Prediction: When Will ETH Value Increase and Decrease?