Elon Musk’s X Post Bolsters FLOKI Value by 23%, Boosting Meme Coin Market

Key Points

• Elon Musk’s post about his Shiba Inu, Floki, caused a surge in the FLOKI meme coin’s price.
• The entire meme coin sector is experiencing growth, led by FLOKI.

Elon Musk, on October 20, posted about FLOKI, his Shiba Inu, which resulted in a price boost for the meme coin of the same name. The meme coin sector is witnessing an overall rise, with FLOKI taking the lead.

Musk adopted Floki in 2021 and has shared pictures of him on social media in the past, even dubbing him the CEO of Twitter in 2023.

Musk’s Announcement and FLOKI’s Price Rise

Earlier today, Musk announced that Floki has returned as the X CEO, sharing a clip of a Shiba Inu at a table. In February 2023, Musk posted a photo of a Shiba Inu, praising the “new CEO of Twitter” as “amazing” and “so much better than the other guy”, referring to Twitter’s former CEO, Jack Dorsey. This post on October 20 triggered a price rally for the FLOKI meme coin.

At the time of writing, FLOKI’s price is above $0.000083, marking a nearly 24% increase in the last 24 hours. The meme coin has a market cap of over $801 million and a 24-hour trading volume exceeding $404 million, a surge of over 630%.

Overall Meme Coin Sector Growth

The entire meme coin sector is up by over 6%. Dog-themed coins have increased by more than 6.3% in the past 24 hours, reaching a total market cap of over $40.66 billion, according to CoinGecko data. The 24-hour trading volume for dog-themed coins is above $2.9 billion.

The trending coins on CoinGecko include Floki, Shiba Inu, and DOG on Bitcoin. The top gainers are FLOKI, doginme, and Conan Meme. DOGE has risen by over 1% in the past 24 hours, BONK by more than 3%, and SKI by over 29%. DOGE remains the top dog-themed coin by market cap, followed by SHIB, BONK, and FLOKI.