The price movement demonstrates Musk's continued influence over speculative crypto assets, particularly meme coins that primarily trade on hype and social media momentum.
FLOKI News
Elon Musk sparked a sharp rally in the memecoin market on Monday after sharing a playful post featuring his pet Shiba Inu on social media platform X.
The billionaire entrepreneur posted that Floki, his dog, was "back on the job" as CEO of X. An AI-generated video accompanied the message, showing the dog seated at a desk wearing a tie and glasses while repeating, "Numbers, numbers, numbers, numbers? Is this working? Yay."
FLOKI jumped from a low of $0.00006572 to $0.00008469 following the post, marking a 28.8% price increase. The token later corrected to $0.00007998 as trading volumes normalized.
The price movement demonstrates Musk's continued influence over speculative crypto assets, particularly meme coins that primarily trade on hype and social media momentum. His posts have historically triggered significant price swings across multiple tokens.
Musk has been linked to meme coin price spikes for years, most notably with Dogecoin. His tweets, logo changes on X, and public remarks have repeatedly caused Dogecoin price pumps throughout his involvement in the crypto space.
A 2022 class-action lawsuit accused Musk of manipulating Dogecoin prices through media appearances and social posts. The plaintiffs withdrew the lawsuit in November 2024, ending the legal challenge.
The meme coin sector has faced turbulence recently, experiencing major crashes on Oct. 10 and again last Friday. On Oct. 11, the meme coin market lost nearly 40% of its valuation, dropping from $72 billion to $44 billion during the broader crypto market crash.
This decline erased three months of gains and pushed the sector back to July levels. While meme coins showed recovery signs after the initial crash, another drop occurred Friday with meme coin assets declining 9% to 11% during trading hours.
The Friday sell-off coincided with fear sentiment gripping markets, resulting in nearly $230 billion in value erased across the crypto market in a single day.
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