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A crypto token named after Elon Musk’s dog has soared 200% this year. Floki is another Shiba Inu-themed token, and was created after Musk posted a photo of his Shiba Inu pup in 2022. The Tesla CEO has been associated with the dog breed since touting dogecoins and the Shiba Inu plays on his Twitter. LoadingSomething is being loaded.
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A crypto token named after Elon Musk’s dog has soared 200% year-to-date, beating gains from other Musk favorites like dogecoin and Shiba Inu.
Floki climbed to $0.00024 as of 10:00 a.m. ET, up 199% from its price at the start of the year at $0.000008. This is the largest increase among the top coins in the crypto market, outpacing gains posted by dogecoin, which rose 32%, and Shiba Inu, which rose 45% in January, according to data. data from CoinMarketCap. Floki also easily beat the gains seen in traditional crypto tokens like bitcoin and ethereum, which have gained 39% and 31% year-to-date, respectively.
The price hike comes as Floki holders approved a proposal to burn 4.97 trillion, or $55 million worth of tokens out of circulation, a tactic that can be used to increase the price of a piece.
The token, another Shiba Inu-themed cryptocurrency, was created in 2021, shortly after Musk posted a photo of his new Shiba Inu puppy with the caption “Floki has arrived.” By then, Musk had cemented his association with the Japanese dog breed, after touting Dogecoin and Shiba Inu to his Twitter followers.
Musk periodically posted photos of his dog Floki on Twitter, although he gave no clear indication of his involvement in the Floki crypto project.
After a sharp sell-off following the FTX crash, crypto prices rallied to start the year as investors assess lower inflation and the price of milder Reserve rate hikes federal. This week, Dogecoin soared 10% after the Financial Times reported that Musk was looking to add a payment system to Twitter, leading to speculation that the meme coin could be accepted as payment on the site. social media.
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