Elon Musk continues to be a huge influence on the digital currency market with his social media accounts.
The CEO of Tesla and SpaceX is back to his old tricks of tweeting about cryptocurrency to his fan base. This time, just posting a picture of his new pet Shiba Inu with the caption “Floki has arrived.” While this tweet may not seem out of the ordinary for most people, it sent the digital asset world into a frenzy.
The reason behind this is that it appears that Musk was showing his support for the cryptocurrency Shiba Floki (FLOKI), which saw prices skyrocket after Musk’s tweet.
After the post went viral, the price of Shiba Floki surged, making it the biggest gainer of the day, rising almost 1,000% at the time of writing. Additionally, other dog-themed coins saw a significant jump in price, including Floki Inu and Floki Shiba. The former is up 60% since yesterday, while the latter is up around 25%. Amid the buying spree, Dogecoin gained less than 0.5% while Baby Doge rose around 2%.
Musk continues to influence crypto prices
Despite not being too involved in the cryptocurrency world, Musk has a massive influence on the crypto community. His social media posts alone have previously sent prices skyrocketing at times and crashing at others. In August, Musk sent the price of DOGE up around 20% by simply changing his profile picture to one that included a reference to dogecoin.
The issue of Musk and his social media is so prevalent that even Secretary of Labor, Robert Reich, has called Musk out on his activities on Twitter. According to Reich, “Elon Musk’s antics on Twitter aren’t funny. His tweets are having a serious impact on markets. It’s just another example of how billionaires get away manipulating markets without accountability.”
Reich is referring specifically to Musk pumping up Dogecoin in the lead-up to his Saturday Night Live appearance, only to see it crash during the broadcast. Additionally, Musk pumped support for CUMMIES, the native coin for adult NFT platform CumRocket.
After DOGE crashed in the wake of Musk’s SNL appearance, many blamed Musk for pumping and dumping. In response, Musk clarified that “I might pump, but I don’t dump.”