The modern-day King Midas – In under 24 hours the price of an obscure cryptocurrency jumped by 1,000% after Elon Musk named his puppy after it

Via Twitter - @CryptoWhale

Billionaire Elon Musk’s influence on the cryptocurrency market is simply unmatched. The Tesla CEO can cause wild swings in the valuation of some of the biggest cryptocurrencies with just a simple tweet. Something as basic as a broken heart emoji with a Linkin Park meme resulted in a 4% drop for Bitcoin in June just because the tweet by Elon had a Bitcoin hashtag. However, the hysteria reached a new level recently when a picture of a pup by the SpaceX founder made an obscure crypto’s value skyrocket nearly 1000% in just 24 hours. It’s completely bonkers!

Elon tweeted a picture of a Shiba Inu puppy sleeping on the floor with the caption “Floki has arrived.” This immediately was perceived by the billionaire’s fans as an obscure message of sorts to push Floki-themed cryptocurrencies. Now, it’s not uncommon for Elon to post cryptic tweets to fuel hysteria in the crypto market, but this is even mad by his standards. A cryptocurrency by the name of Shiba Floki became the biggest gainer because of the tweet. Per CoinMarket Cap, Shiba Floki’s price swelled by nearly 1,000%. Others like Floki coin, Floki Inu, and Floki Shiba grew by 250%, 60%, and 25% respectively.

If you have been following the crypto market and Elon Musk for the last eight months, you’ll be aware that the meme crypto named Dogecoin became a favorite amongst crypto investors after the Tesla CEO started tweeting in support of it. After Elon’s latest tweet, Dogecoin’s official Twitter account replied to the tweet saying, “Mr Musk sir, I just want to let you know that your doge is shaped somewhat like a small bean. Thank you. That is all.” Not everyone has been happy with Elon’s tremendous influence over the crypto market, with many investors voicing their concerns. A few months back, a cryptocurrency by the name of StopElon was launched to protest against the irresponsible manipulation of the market by the Tesla CEO.

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