According to data from CoinMarketCap, the cryptocurrency Floki Inu was trading at $0.000022 at 8:45 am and rocketed up to $0.000033 at 9:30 am.
Elon Musk’s series of tweets are to blame for the rapid uptick in the meme cryptocurrency.
Musk posted a few pictures of a Shiba Inu dog on Twitter, stating that the dog is the new CEO of the microblogging service Twitter.
The papers scattered across the dog’s table listed Floki as the dog’s name.
In other meme crypto coins, a similar rise was seen as well.
Elon Musk’s favourite cryptocurrency, Dogecoin, rose more than 7% as a result of his post.
After the tweet, the cryptocurrency, which was trading at $0.081, surged to $0.087 and gained 7.14 percent in just a few hours.
Data from CoinMarketCap shows that at 10:30 AM, Dogecoin was trading at $0.086.
Another dog-themed meme coin, Shiba Inu, saw rises on Wednesday as a result of Musk’s comments.
The cryptocurrency, which was trading at $0.0000122, quickly rose to $0.0000128, up almost 5%.
At 10:30 AM on Wednesday, Shiba Inu was trading for $0.0000127.
The support Elon Musk has shown for cryptocurrency is well known.
Because he frequently tweets about Dogecoin driving rallies in the value of the cryptocurrency, his admirers refer to him as Dogefather, a pun on the word Godfather.
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