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Sep 13, 2021
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Puppy Musk has inflated the rate of cryptocurrency


The new puppy of the founder and head of Tesla, Elon Musk, of the Japanese Shiba Inu breed, unwittingly inflated the rate of the Shiba Floki meme token, after which it was named, provoking its sharp growth. This happened after the publication on Twitter by Mask, in which the entrepreneur announced the purchase of the dog and accompanied the message with its photo.

“Floki [кличка щенка] has arrived, ”Musk wrote. At the time of this writing, the Shiba Floki token has risen in price by 934 percent compared to the closing level of the previous trading session, according to data from the CoinGecko portal. The cost of one token was $ 0.000000005964.

In turn, another prototype of the cryptocurrency – Floki Inu – rose in price by 85.7 percent – to $ 0.00003452. At its peak, its value grew by 139 percent.

Musk talked about his intention to buy a puppy of the Shiba Inu breed and name him Floki in honor of the meme-token in March, and then reminded him in June. At the beginning of the year, he already provoked a sharp increase in the value of the DogeCoin meme-token, which appeared in 2013 and was named after a fictional Shiba Inu dog.

Usually, tokens are called either cryptocurrency analogues of shares issued by companies to attract funding, or a prototype of a future cryptocurrency. However, meme tokens do not have any value that could serve as their backing, and most of them will not become a full-fledged cryptocurrency in the future. Nevertheless, some of them are used as a tool for speculative transactions due to the volatile value, which is achieved through, among other things, Musk’s actions and statements.

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