Floki Crypto soars 25% Following Elon MuskS Social Media Post
Memecoin Floki experienced a 25% price surge this week, thanks to Elon Musk’s latest social media activity. The tesla CEO shared an AI-generated video featuring his dog, Floki, on X. The video, wich showed Floki in a suit at Musk’s desk, sparked renewed interest in the coin.
Following Musk’s post,Floki’s price climbed to a weekly high of $0.00008831, with an 800% increase in trading volume. This rally helped the coin recover some losses from a market crash on October 10. However, the memecoin’s price is still largely driven by hype rather than its underlying value.
While Floki has expanded its ecosystem with the Valhalla NFT game and FlokiFi DeFi platform, these developments have not been enough to sustain its price. The coin’s previous rallies were also fueled by headlines, such as its listing on Robinhood. Despite becoming available to millions of Robinhood users, Floki continued to trend downward.
Without a strong growth in its DeFi ecosystem or a broader memecoin rally, Floki seems unlikely to break its downward trend. Traders are now wondering whether this latest surge will last.
