DOGE and Floki go ballistic after Elon Musk teases a new Twitter CEO

DOGE and Floki go ballistic after Elon Musk teases a new Twitter CEO

Dogecoin and Floki Inu, two tokens with Shiba Inu themes, have taken off since Twitter owner Elon Musk was announced as the new CEO of the social media behemoth—sort of.

DOGE and Floki Break Through

Following Elon Musk’s most recent tweet, Floki and Dogecoin have experienced significant bullish momentum today. 

Musk tweeted a photo of his Shiba Inu dog, “Floki,” along with the captions “amazing” and “better than the other guy,” praising the new Twitter CEO. Dogecoin co-creator Shibetoshi Nakamoto, Gokhshtein Media founder David Gokhshtein, Shiba Inu lead developer Shytoshi Kusama, and other crypto experts responded to the Dogefather’s tweet. Musk added that “Floki” is ideal for the position.

When Musk’s $44 billion acquisition deal for the microblogging service closed in late October, he assumed control of the company as CEO. It’s important to note that when Musk and Parag Agrawal first spoke in March, things didn’t go well. Eight months later, Musk fired Agrawal as the CEO of Twitter.

After an online poll Musk conducted on the subject indicated that he should step down from the CEO position, it was made public in December that he was actively looking for a new Twitter head. 

Following Elon Musk’s most recent tweet, the price of Floki Inu shot up by an astounding 52.89% and is now trading at $0.00003118. The volume of coin trades has increased by 528% day over day.

Another cryptocurrency named after a Shiba Inu, Shiba Inu (SHIB), has increased by 4.7%. Bonk Inu (BONK), on the other hand, is trading flat.

The preferred cryptocurrency of the tech billionaire, Dogecoin, rose 5.5% in an hour, placing it third among the top 10 cryptocurrencies in terms of performance. The erratic token with a dog theme is currently trading at $0.086456, according to CoinGecko. 

In terms of daily gains, Cardano (ADA) and Polygon (MATIC), which are up 6.9% and 6.4%, respectively, over the same period, lead DOGE, which is currently the ninth-largest cryptocurrency by market capitalization, in the market.

The third-best-performing asset among the top 10 cryptocurrencies was Dogecoin, the tech billionaire’s preferred cryptocurrency, which rose 5.5% in a single hour. As of the time of publication, the erratic token with a dog theme was trading at $0.086456, according to CoinGecko. 

Cardano (ADA) and Polygon (MATIC), which are up 6.9% and 6.4%, respectively, over the same period, lead DOGE in terms of daily gains. DOGE is currently the ninth-largest cryptocurrency on the market by market capitalization.

When does DOGE Support?

Notably, this is not the first time DOGE has soared on the back of news stories involving Elon Musk. After a report claimed that cryptocurrency would be supported by Twitter’s upcoming payments service, Dogecoin saw some modest gains in late January. 

On May 8, 2021, DOGE reached a record high of $0.73 thanks in part to Musk’s tweets, a Saturday Night Live skit, and the revelation that he had personally invested in the token with a dog theme. 

Speculation that Musk will integrate the original meme coin into the social media platform is at an all-time high now that he owns Twitter. However, as of right now, no concrete plans have been disclosed. 

But whether Musk eventually links DOGE to Twitter or not, this recent incident has revealed important details about Dogecoin and the Tesla CEO’s connection to it. It is obvious that the American entrepreneur of South African descent will keep promoting his preferred cryptocurrency asset.

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