Elon Musk sure hasn’t lost his ability to move markets.
Floki-themed memecoins on Binance Smart Chain went absolutely parabolic this morning after the eccentric billionaire tweeted that his new Shiba Inu puppy had arrived, rewarding those who had kept the faith after one project suffered two separate rugpulls.
As Stockhead previously reported, a seven-word tweet that Musk posted on June 25 had inspired a number of Floki tokens, even though it wasn’t exactly clear that the Tesla Motors CEO was even getting a dog.
But it turned out he wasn’t kidding — and the Floki Inu token soared from 0.0015c to as much as 0.0038c in the minutes after the 8.22am AEST tweet.
At 2.23pm AEST, the coin was trading for 0.0028c, up 75 per cent from the same time yesterday. Twenty-four hour trading volume was up more than 10-fold to US$15.5 million.
Community members rallied not once but twice to revive the Floki Inu token after “rugpulls” from unscrupulous developers who stole funds in the project.
Uniswap Detective, a New Zealand-based crypto influencer with over 50,000 followers who was framed in the second rugpull, took a victory lap.
Coinmarketcap lists Floki Inu as the No. 2687 crypto, with an unverified market cap of $314 million.
The token is supposed to be “hyper-deflationary” with an eight per cent redistribution tax for all buys and sells. That tax is split equally between holders and going into a marketing wallet.
There’s also a “FlokiPlaces” NFT and merchandise marketplace supposedly planned.
Confusingly, Floki Inu shares the FLOKI ticker symbol with the smaller Shiba Floki token, also on BSC.
That coin has soared even more, doing a 10x as trading volume soared from a few thousand dollars a day to US$1 million.
At 2.42pm the coin was still up 648 per cent from where it was yesterday.
There’s also Floki Shiba (up 13.5 per cent as trading volume more than doubled to US$755,000); Super Floki (up 63 per cent on trading volume of US$21,320); and BabyFloki (up 10 per cent on volume of US$5,245).