This Dog-Themed Meme Coin Trumps Dogecoin, Shiba Inu, But Without Elon Musk's Tweet

Floki FLOKI/USD has made a significant splash, outperforming popular tokens like Dogecoin DOGE/USD and Shiba Inu SHIB/USD with a 6% increase in value over the past 24 hours.

What Happened; At the time of writing, Floki was trading at $0.00001857. Meanwhile, Dogecoin and Shiba Inu experienced more modest gains, with increases of 3.94% and 0.80% respectively during the same time period.

While the renowned entrepreneur Elon Musk, owner of X (formerly known as Twitter), often impacts the market with his tweets, this time it was the acquisition of a Rhode Island Currency Transmitter License by X that caught the attention. 

The license, obtained on Tuesday according to NMLS data, grants X the authority to store, transfer, and exchange digital assets on its platform, as well as manage these assets on behalf of its users. With approximately 450 million active users, X is now in an optimal position to introduce cryptocurrency payment services.

This development aligns with X’s broader strategy. Earlier this month, Twitter Payments secured money transmitter licenses in multiple U.S. states, including Arizona, Georgia, Maryland, Michigan, New Hampshire, and Missouri. The ultimate goal is to offer transfer services across all 50 states, but additional approvals and a timeline for completion are still pending.

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Why It Matters: Money transmitters, a subset of money services businesses (MSBs), play a crucial role in facilitating fund transfers within and across borders. Cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD are known for their open, permissionless, and borderless nature, making them attractive options for peer-to-peer payments. 

Musk, a key figure in the industry, has shown a casual interest in cryptocurrencies and often playfully tweets about his favorite token, Dogecoin.

Evidence of Floki’s rising popularity can be seen in the social engagement data from LunarCrush, which indicates a 105% increase in social engagement within the past 24 hours. Similarly, Dogecoin and Shiba Inu experienced a 67% and 40% increase respectively in social engagement during the same period.

Photo by Maurice NORBERT on Shutterstock

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