Following Dogecoin's surge, a seemingly endless supply of copycat coins has been doing the rounds.
Elon Musk has tweeted a picture of his adorable new puppy — and inevitably, it caused dramatic moves in the crypto markets.
The Tesla “technoking” introduced his 60 million followers to Floki on Sunday night, with a cute picture of the little shiba inu having a doze on the floor.
It’s already been retweeted 17,000 times and liked 228,000 times.
But as data from CoinMarketCap shows, this subsequently caused a dizzying spike in an altcoin called Floki Inu.
What’s Going On?
Following on from the mania surrounding Dogecoin earlier this year, a seemingly endless supply of copycat coins has been doing the rounds.
They’re often billed as relatives to Doge, the shiba inu who inspired the meme all those years ago.
Elsewhere in the markets, things appear to be going from bad to worse for the 10 biggest cryptocurrencies.
Ether, Cardano, Binance Coin and XRP have all suffered even heavier losses over the same period.