December 8, 2023

Dogecoin and Floki rise after Elon Musk's tweets with his dog

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Dogecoin and Floki rise after Elon Musk's tweets with his dog

After the head of Twitter, Teslaand Space X posted on social networks his Shiba Inu dog named Floki wearing a sweater with the inscription CEO, the quotes of the meme crypto coins Dogecoin and Floki soared.

On the evening of Tuesday, February 14, Elon Musk “showed the new CEO” to his followers in a series of tweets. 

“Twitter's new CEO is amazing. Much better than that other guy! Excellent with numbers and perfect for this job,” Musk wrote.

While the billionaire's tweets about Floki continue to gain likes, Dogecoin and Floki quotes are skyrocketing.

CoinDesk Data
show that the price of the “dog cryptocurrency” DOGE has increased by 5.54% over the past 24 hours. Floki token rate
soared by 38%.

One of the richest people on Earth regularlyspeaks out in support of Dogecoin. Elon Musk emphasizes that the meme cryptocurrency network can process significantly more transactions than the Bitcoin network. According to Musk, DOGE is much better than Bitcoin for payments, since transactions are confirmed in 60 seconds.

In January, the CEO of an investment companyMorgan Creek Capital Mark Yusko said that “dog meme coins” are made as a joke and have no real value. Dogecoin was created on the Litecoin code base, but subsequently, mainly thanks to Musk, it gained popularity and now its capitalization exceeds $10 billion.