Shiba Floki token jumps about 1,300% after Elon Musk’s latest tweet

Elon Musk bragged about his Shiba Inu puppy named Floki, triggering a rally in several meme tokens.

Floki has arrived pic.twitter.com/2MiUKb91FT

— Elon Musk (@elonmusk) September 12, 2021

Within three hours of the tweet, the price of the Shiba Floki token surged by 1309%, according to CoinGecko. The Floki Inu coin was up 139%.

The price of the meme cryptocurrency Dogecoin (DOGE) initially rose by 5%, but later collapsed below its pre-tweet levels.

Elon Musk told on June 25 that he planned to name his Shiba Inu dog Floki. At that time, the price of another meme token—Shiba Inu—rose by 17%.

In May, Shiba Inu surged 140% in a day and hit a new high — briefly reaching $0,000033. The rise in the price of the Dogecoin clone was aided by its listing on Binance.

The largest holder of Shiba Inu turned out to be Vitalik Buterin. As of May, his public wallet held 505 trillion SHIB — more than 50% of the planned quadrillion coins.

Later Buterin sent 90% of the remaining tokens (410 trillion SHIB) to an inaccessible address. The remaining 10% he pledged to donate to charity.

As reported, CoinSwap founder Eric Nurm warned that Elon Musk’s ability to influence the crypto market with his tweets poses a danger to retail investors.

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