Musk Tweet Sends Dogecoin And Other Memecoins Soaring

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As part of an exchange on Twitter around the color of the new Tesla, the world’s richest man, Tesla CEO Elon Musk, was asked this weekend about a highly important subject: whether he could post a picture of his new little 4-legged companion Floki.

The pet is a Shiba Inu puppy and given that Musk had recently split from his singer girlfriend Grimes, the man’s followers are eager to find out what’s going on in his life.

Those of you who have been following cryptocurrencies for a while know that there is a strange correlation between Elon Musk’s love of canines and the price of a certain subcategory of cryptocurrency, namely Dogecoin and any Dogecoin related memecoins.

Dogecoin is currently up 10% for the day and trading for $0,23.

Musk promised that a photograph of his new dog would follow quickly.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

On Monday, he finally followed suit and published a photo of the young Shiba Inu dog and entitled it:

Floki Frunkpuppy.

Dogefather

With his colossal audience of 60 million followers, the self-proclaimed DogeFather was once again able to move (the polite way of saying to manipulate) the crypto market with a simple well-placed tweet. An army of admirers rushed in the following minutes on the exchanges, taking care of sending the lucky winner of the moment to the moon, at least temporarily.

Several memecoins relating to Floki, Shiba Inu and other Dogecoin-related coins shot up when they saw the picture. Not sure how long this will last though. Last year, the SEC threatened to investigate Musk is he continued to spike the price of Dogecoin with his tweets.