A peculiar event involving Elon Musk, the renowned CEO of Tesla and Twitter owner, sparked the inception of Floki FLOKI/USD in 2021.

What Happened: It all started when Musk casually tweeted about naming his pet Shiba Inu as “Floki.” This act gave birth to the Floki cryptocurrency, as eager developers sought to replicate the success of Dogecoin DOGE/USD and ride the wave of meme coins.

Since its launch, Floki has gathered 470,000 holders and secured listings on more than 100 exchanges, highlighting its rapid rise in popularity.

In 2023 alone, Floki witnessed an outstanding 118% increase in value. 

Floki experienced a surge of over 2% last week in a rather slow week for meme coins. The price jump came as Musk, in response to a message from his mother, Maye Musk, tweeted that X (formerly Twitter) is a “dog & Doge friendly place!” 

This tweet briefly boosted the price of Floki in the past 24 hours. Musk’s plan for X involves transforming the platform into a multifaceted service encompassing various features, including payment capabilities.

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Why It Matters: Currently, Floki is trading at $0.0000174 per coin. If you invest $100 in Floki, and if it were to reach $0.1749, the investment would soar to approximately $1.1 million.

Floki Inu operates as an ERC-20 smart contract on the Ethereum ETH/USD blockchain, often referred to as a “memecoin.” These memecoins, like Floki, rely on growing exponentially through social hype upon launch.

Photo by Maurice NORBERT on Shutterstock

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