Tesla's self-appointed Technoking has delved into a new favourite cryptocurrency. After the billionaire used social media to get DogeCoin to skyrocket in value, Elon Musk has done the same with Floki.
Elon Musk raises Floki Inu increase in value
Small-scale cryptocurrency Floki Inu has skyrocketed in value after another stunt from Musk. After revealing on Twitter that he’d named his new dog Floki, the digital currency rose by 150%. The dog naming also had a bubble effect on other, similar cryptocurrencies. DogeCoin and Baby Doge Coin also rose in value.
The coin’s value rose after just a simple tweet. Musk posted an image of his new dog with the caption: “Floki has arrived”. If anything, this shows just how much away the Tesla CEO has over the crypto market.
Musk's tweet was quickly followed with a barrage of memes. One reply features the sleeping Shiba Inu clutching a rocket with the caption: “To the moooooon!”. Other replies. asked Musk to help boost the values of other cryptocurrencies.
Is Musk manipulating the market?
Elon Musk has often been accused of manipulating the crypto market. From Bitcoin to DogeCoin and now Floki, the Tesla CEO has often had a hand in cryptocurrencies’ highest highs and lowest lows. When a massive drop happens, Musk is usually somewhere close by.
In a report by The Washington Post, it’s said that cryptocurrency “has an Elon Musk problem”. While the post doesn't accuse Musk of outright manipulating the market, it does claim that Musk is “playing a role” in its movement.
The Tesla CEO’s involvement in the movement of cryptocurrency has massive implications. For example, Musk’s involvement endangers crypto’s decentralised nature — the entire point of the market.