Elon Musk posts his pet dog Floki on X, memecoin pumps 29%

Elon Musk recently caused a significant, short-term rally in the memecoin market by posting on X that his pet Shiba Inu, Floki, was "back on the job" as the CEO of X, accompanied by an AI-generated video of the dog. Following the post on Monday, the Floki (FLOKI) memecoin price jumped from a low of $0.00006572 to a high of $0.00008469, marking a 28.8% increase, demonstrating Musk's continued influence over speculative crypto assets.

This event is consistent with Musk's history of influencing memecoin prices, most notably Dogecoin (DOGE), through social media activity, which previously led to a class-action lawsuit against him for alleged manipulation (though the plaintiffs later withdrew it).

The memecoin sector has recently weathered significant market crashes on October 10th and 17th, which saw the total market valuation drop substantially, highlighting the volatility of these assets even before Musk's latest tweet.

(Source：Cointelegraph)