Elon Musk's 'Floki' video causes meme coin to surge by 29%

Dogecoin and Elon Musk [Photo: Shutterstock] Dogecoin and Elon Musk [Photo: Shutterstock]

Elon Musk, CEO of Tesla, caused ripples in the meme coin market by posting a video of his dog 'Floki' on his social media.

On the 20th ( local time ), blockchain media reported that Floki coin surged 29% after Elon Musk posted a video introducing Floki as the CEO of X ( formerly Twitter ).

According to data platform data, Floki coin rose from $0.00006572 to $0.00008469 after his post. Although it later adjusted, this shows that Elon Musk's social media activities still have a strong influence on the meme coin market.

This is similar to the past case of Dogecoin (DOGE). As DOGE prices surged repeatedly just from Elon Musk's social media activities and mentions, a lawsuit was filed for price manipulation in 2022, but it was withdrawn in November 2024.

Meanwhile, the meme coin market recently experienced two sharp drops on October 10th and 13th. According to data, on the 10th, the meme coin market value evaporated by 40%, plummeting from $72 billion to $44 billion. After rebounding, it fell again by 9-11% on the 13th, with $230 billion in market value evaporating.

As the meme coin market continues to show extreme volatility, investors need to be cautious as Elon Musk's social media activities have a short-term impact but do not guarantee long-term growth.

FLOKI-0.2%
DOGE0.57%
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