[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"734f4839-389c-4f4b-88e7-6f41ba4d7bed","updated_at":"2023-02-17T03:11:24.948619+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"After Elon Musk proclaimed that his dog Floki is a superior CEO of Twitter compared to "that other guy," the values of Doge, Floki, and SHIB have increased, while BONK remains stable.","sapo":"Right after the photo of Elon Musk's dog sitting on the Twitter CEO chair, the price of several MEME coins has to blow up!","title":"DOGE & SHIB Are Up After Elon Musk Tweets Photo of His Dog in Twitter CEO Chair","content":"

After Elon Musk proclaimed that his dog Floki is a superior CEO of Twitter compared to "that other guy," the values of Doge, Floki, and SHIB have increased, while BONK remains stable.

What is DOGE Coin?

DOGE, symbolized as Dogecoin, is a cryptocurrency that features the image of a Japanese dog breed called Shiba Inu. Created in 2013 by Billy Markus and Jackson Palmer, DOGE is an open-source, peer-to-peer digital currency that can be easily transmitted online.

Although DOGE can be used for transactions similar to Bitcoin and Ethereum, the unique aspect of DOGE is that it was initially created as a joke by its founder.

What is Floki Inu?

The Floki Inu cryptocurrency initiative was initiated in 2021 and took its name from the character Floki, who was influenced by a meme in the television program "Vikings." This project is focused on creating a new environment in the blockchain area and is governed by the community rather than a centralized entity.

Utilizing the ERC-20 standard and the Ethereum blockchain, Floki Inu's token abbreviation is FLOKI, and it has a total circulation of one quadrillion tokens. To boost the token's worth, a substantial amount of tokens were destroyed during its inception to increase its rarity and stabilize its value.

What Makes MEME Coin Pump Up?

The price of DOGE has increased by 5.4% over the last 24 hours as traders have shown interest in all things related to Shiba Inu. This trend began after Elon Musk posted a meme featuring his dog Floki posing as the new CEO of Twitter.

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Musk took over from Parag Agrawal as Twitter's CEO when his acquisition deal for the social networking platform was finalized on Oct. 27. Their relationship reportedly soured in 2022 after Musk became Twitter's largest shareholder, even though they had a cordial relationship when they first met. Musk has unfollowed Agrawal on Twitter, while the former CEO still follows Musk.

In December, it was reported that Musk had started searching for a new CEO of Twitter after losing an online poll on the topic. He stated that he would resign as CEO as soon as he found someone foolish enough to take the job and would focus on running the software and servers teams.

DOGE COIN price chart with illustrated green and red line

Figure 01. The Price Chart of DOGE Coin.

Nearly 50% Up of Floki

In the last 24 hours, according to CoinGecko data, the cryptocurrency named Floki, which was named after Elon Musk's Shiba Inu dog has increased by 41%. In January, the value of Floki had gone up by almost 100% when the group responsible for the coin, Floki Inu DAO, decided to burn $100 million worth of tokens through a governance resolution.

Floki Inu Price Chart from Bitscreener Website

Figure 02. Floki Inu Price Chart (from Bitscreener)

Burning tokens is a way to decrease the total supply of tokens available and can potentially increase the value of each token if demand stays the same or rises. This concept is similar to stock buy-backs in traditional finance, where a company purchases its shares to decrease supply and possibly boost the value of the remaining shares.

Can DOGE bring a “Dog Day” to crypto markets?

DOGE has spiked on a Musk tweet, and a Financial Times report on Twitter's crypto payment system sent DOGE soaring in late January. Sentiment cautioned in a December 2022 report that meme coins' outsized gains, including DOGE and SHIB, were historically the first sign of a market-wide sell-off.

The market recovery over the past three months has triggered an altcoin season, with many coins posting double or triple-digit gains, including Bitcoin, SHIB, BONK, and Floki. Despite other canine coins surging, DOGE is down 2% during this time, suggesting that we aren't yet at the point of a market-wide sell-off, as per Santiment's thesis.

Explore more crypto insights and trending news with our Blogchain.

Meanwhile, play trading games and earn real tokens with CryptoSim - A virtual Trading Game.

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DOGE & SHIB Are Up After Elon Musk Tweets Photo of His Dog in Twitter CEO Chair

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