cryptoslate.com
The three leading meme coins — Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) — rallied higher following Elon Musk’s meme declaring his dog, Floki, the new CEO of Twitter.
FLOKI soars over 40%
FLOKI rose roughly 42% following Musk’s tweet to $0.00003 as of press time. The trading volume of the meme coin increased by 290% in the last 24 hours.
Developers of the meme coin introduced a burning mechanism in January designed to reduce its supply. The team also reduced the Floki transaction tax to 0.3%.
Meanwhile, the project developers have introduced new features to the meme coin’s ecosystem, like the metaverse game Valhalla, to encourage more adoption.
DOGE, SHIB jump over 5%
DOGE and SHIB spiked by over 5% to $0.08630 and $0.00001294, respectively, according to CryptoSlate data.
DOGE had risen by over 5% on Feb. 13 after Musk made a humorous tweet about it.
On the other hand, SHIB developers are working on the imminent launch of the project’s layer-2 network Shibarium.
Meanwhile, this is not the first time a tweet from Elon Musk would sway market sentiments. Since Musk’s Twitter acquisition, there have been growing speculations about the role cryptocurrency would play on the social media platform.