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Ethereum-based memecoin $FLOKI mooned overnight, adding 62% to its value in the space of 24 hours, according to data from CoinGecko.
The impressive rally kicked off after Elon Musk tweeted a picture of his dog, who is also named Floki.
Historically, whenever Musk has tweeted about his longtime favorite cryptocurrency, Dogecoin, the original doge-inspired token, its price pumps. He even managed to crash DOGE’s price when he incorporated his love for the proof-of-work (PoW) coin into a sketch during his appearance on Saturday Night Live nearly two years ago.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Today, though, Dogecoin only rallied about 2.7% after the tweet. Shiba Inu ($SHIB), another doge meme parody that often rises and falls in tandem with Dogecoin, also posted a relatively underwhelming overnight rally of 4.8%.
It may be too early to tell if $FLOKI has replaced Dogecoin as the go-to memecoin to pump whenever Musk tweets about dogs, given that his latest tweet didn’t actually mention Dogecoin by name.
However, in the last 30 days, $FLOKI’s price has mushroomed 418% compared to Dogecoin's meager 7% rise over the same period.
Floki rides the meme
Just last month Floki DAO—a decentralized autonomous organization that takes collective decisions about the token—voted to burn (remove from circulation) almost 5 trillion $FLOKI tokens, at the time worth $100 million.
The decision had no impact on the price or supply of $FLOKI because the tokens were never part of the circulating supply. Instead, they were locked up in a cross-chain bridge linking Ethereum to $BNB Chain.
They were seeded there to provide liquidity for transactions between the two blockchains.
The decision to remove the Ethereum–$BNB Chain was taken amidst heightened security concerns about cross-chain bridges, which last year were the targets of huge hacks, including the historic Ronin bridge heist, where $622 million was taken from crypto video game project Axie infinity.
Then in October, thieves looted $566 million from a cross-chain bridge called BSC Token Hub.