Musk is back! In a market that is turning red, the twirling boss of Tesla allows the price of a crypto to explode on the market thanks to one of his famous tweets.
Only three words “ Floki has arrived Would have been enough to allow Shiba Floki to gain more than 1400% in a trading session. This good performance made Elon Musk’s new favorite, the “ top gainer Of the day at the crypto industry level.
Who is this new token meme?
Shiba Floki is a cryptocurrency created by members of the Dogecoin community in June 2021. He claims to be the worthy heir of the Doge but with much more interesting scalability solutions than his father’s blockchain. According to what is written in Floki Shiba’s Whitepaper, his blockchain would have the ability to allow the execution of 10 times more transactions per second than that of the Doge.
Shiba Floki is also a deflationary project. 50% of the total token supply had already been burned. The Shiba Floki protocol applies a 5% fee on each transaction. Its fees will be redistributed to the Token Holders. Shiba Floki’s biggest project is setting up a marketplace for NFTs. In this space, the creators can develop and sell their NFTs but Floki Shiba will draw a small percentage to finance the rescue of dogs around the world. This is why the protocol integrates a charity wallet which allows the crypto to raise funds for its charitable projects.
The tweet that changed everything
Until yesterday, the price curve for Shiba Floki looked rather stagnant. But since Elon Musk’s tweet, the Shiba Floki has experienced an inflection in its curve that has made it grow exponentially. Other derivatives of Floki Shiba have also increased in the market. Floki Inu is up 119% in 24 hours. The Floki Shiba has also gained 24% in its last 24 hours.
This is not the first time that a tweet from Elon Musk has allowed a crypto to rise in value on the stock market. Most recently, his posts on the ” baby doge Has allowed this token meme to make significant progress in the market. Let’s not talk about the Dogecoin which was basically backed by tweets from the founder and director of SpaceX.
What to expect for the longer term?
Shiba Floki is one of dozens of token memes whose value increase is based on a simple ” trend “. Usually, investors buy the news in one session and wait for the next to liquidate their positions for capital gains. There is hardly any classic trading logic that applies to his projects apart from Dogecoin and Shiba Inu.
Besides, we really can’t say too much much about the utility value of the Floki Shiba project. Certainly, he and his derivatives are supported by Elon Musk but are his projects destined to last for a long time?