Following Musk’s tweet of a dog sitting in the Twitter CEO chair, DOGE and Floki are surging again!!!
As Musk declares his dog Floki to be the best CEO of Twitter, Doge, Floki, and SHIB are up.
Twitter CEO Elon Musk posted a meme involving his dog Floki posing as the new Twitter CEO, causing traders to pump all things Shiba Inu.
Over the last 24 hours, DOGE’s price has risen 5.4%, according to CoinDesk.
As a result of his acquisition deal for Twitter, Musk replaced Parag Agrawal as CEO on Oct. 27. Musk and Agrawal reportedly had a cordial relationship when they first met, but as 2022 progressed, their relationship soured. Musk has unfollowed Agrawal on Twitter, while the former CEO continues to follow Musk.
Musk began looking for a new CEO of Twitter after losing an online poll in December.
As soon as I find someone foolish enough to take over as CEO, I will resign and run the software and servers teams,” he said.
Nearly 50% growth for Floki
Floki, named after Musk’s dog, is up 41% in the last 24 hours, according to CoinGecko.
The Floki Inu DAO, the group behind the coin, passed a governance resolution in January to burn $100 million worth of tokens.
Do you think DOGE will bring a Dog Day to the markets?
The memecoin spiked in late January in response to a report in the Financial Times that said Twitter was designing a system to allow crypto payments.
Historically, outsized gains in DOGE and other meme coins like Shiba Inu (SHIB) preceded market-wide selloffs, according to a December 2022 report from blockchain analytics firm Santiment.
The markets have begun to recover from FTX-induced crypto winter in the last three months. By mid-January, CoinDesk reported that Bitcoin had erased its entire decline due to FTX. As a result of the market recovery, many altcoins have posted double or triple digit gains.
In the past three months, Bitcoin has gained 34%, SHIB 40%, BONK 533%, and Floki 242%.