Elon Musk’s latest social media post featuring his pet Shiba Inu, Floki, set off a 29% price surge in the Floki memecoin, once again highlighting the Tesla and SpaceX CEO’s outsized influence over speculative crypto assets.
Floki Memecoin Surges After Musk’s X Post
On Monday, Musk shared a playful video on his platform X showing his dog “Floki” dressed in a tie and glasses, sitting behind a desk and humorously declaring, “Numbers, numbers, numbers… Is this working? Yay.”
Shortly after the post, Floki (FLOKI) jumped from $0.00006572 to $0.00008469 — a rise of nearly 28.8%, according to CoinGecko. At press time, the token had slightly corrected to $0.00007998.
The move reaffirmed that Musk’s influence remains a powerful force in the memecoin ecosystem, where prices often react to social media sentiment rather than fundamentals.
Elon Musk’s History with Memecoins
This is not the first time Musk’s online activity has impacted memecoin prices. His past references to Dogecoin (DOGE) — from changing Twitter’s logo to joking about it on late-night shows — have triggered multiple price rallies since 2020.
A 2022 class-action lawsuit accused Musk of manipulating DOGE’s price, but the plaintiffs later withdrew the case in November 2024, ending the legal dispute.
Crypto analyst Liam Foster noted that “Musk’s online presence acts as a form of sentiment amplifier. In a market that thrives on community and narrative, a single tweet can shift billions in value within hours.”
Memecoins Struggle Despite Temporary Rally
Despite the brief rebound, the memecoin market remains under pressure following the recent crypto-wide sell-off on Oct. 10. According to CoinMarketCap, the total valuation of memecoins fell from $72 billion to $44 billion, wiping out nearly 40% of the sector’s market cap in just 24 hours.
That correction pushed valuations back to levels last seen in July, erasing months of gains. Even as some tokens attempted to recover, Friday’s renewed market downturn saw another 9%–11% drop in leading memecoins as investor sentiment turned fearful.
Conclusion
Elon Musk’s posts continue to serve as a catalyst for speculative rallies across the crypto landscape. While Floki’s 29% jump demonstrates how quickly hype can move prices, analysts caution that lasting value in memecoins depends on more than viral moments.
As market volatility persists, traders remain divided on whether Musk’s influence is a creative spark or a market distraction for the digital asset world.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.