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.

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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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Sayan Chakravarty, a Senior Writer at Luxurylaunches, brings over 10 years of automotive journalism expertise. He provides insightful coverage of the latest cars and motorcycles across American and European markets, while also highlighting luxury yachts, high-end watches, and gadgets. An authentic automobile aficionado, his commitment shines through in educating readers about the automotive world. When the keyboard rests, Sayan feeds his wanderlust, traversing the world on his motorcycle.