Zinger Key Points
- Floki, a memecoin originally named after Musk’s dog, experienced a sharp rise in price.
- Dogecoin: The original "memecoin" soars after Musk's tweet.
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Elon Musk, head honcho at both Tesla and Twitter, has once again demonstrated his ability to move markets with a single tweet.
In a Feb. 15 post, he shared a photo of his dog wearing an iconic Silicon Valley-style black turtleneck while seated authoritatively in a large armchair behind a desk.
Musk’s comment, “The new CEO of Twitter is amazing,” was enough to push up the prices of canine-themed cryptocurrencies.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH — Elon Musk (@elonmusk) February 15, 2023
Dogecoin DOGE/USD, the original “memecoin” created as a joke, saw a jump of over 5% in just 15 minutes, with its market cap increasing by nearly $500 million to over $11.5 billion, according to CoinMarketCap.
Similarly, Floki FLOKI/USD, a memecoin originally named after Musk’s dog, experienced a sharp rise in price, increasing almost 50% in just an hour, while its total market cap grew by half.
Shiba Inu SHIB/USD, another dog-themed memecoin, also saw a price jump of over 1.5% within the first 15 minutes of Musk’s post.
Also read: US Prosecutors Urge Judge To Ban FTX Founder Bankman-Fried From Using Internet
Musk's tweets have a proven track record of impacting the market, whether he’s posting about Tesla merchandise or considering taking the company private.
Although his tweets have a powerful impact on the market, Musk has faced criticism for using his social media presence to manipulate cryptocurrencies.
His tweet in May 2021 about Bitcoin’s BTC/USD environmental impact caused the cryptocurrency’s value to drop by almost 10%.
Similarly, his announcement that Tesla would no longer accept Bitcoin as payment led to a crash in the cryptocurrency market.
Musk has previously announced his resignation as Twitter’s CEO, with a poll on his account showing that the majority of his followers preferred that he step down.
Next: Stanford Law School Dean And Research Scientist Identified As Cosigners For FTX Founder's $250M Bond
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