Here’s Why The FLOKI Price Jumped 22% – It Has Nothing To Do With Dogecoin

FLOKI has stunned the crypto market with a quick 22% surge in the past 24 hours after gathering the attention of crypto traders and meme-coin enthusiasts. The price spike, which saw the meme coin climb from around $0.000066 to as high as $0.0000879, came with a sudden surge in trading volume across major exchanges.

The first thought is that the move might be linked to Dogecoin’s momentum, but the real reason turned out to be something entirely different: a new post by Elon Musk that instantly went viral on the social media platform X.

Flōki Is Back On The Job

The rally began shortly after Elon Musk shared a humorous, AI-generated video of a Shiba Inu dog on X. In the clip, the dog appears sitting at a desk wearing glasses and a tie, jumping on the table and muttering, “Numbers, numbers, numbers… Is this working? Yay,” alongside the caption, “Flōki is back on the job as X CEO!” 

Within minutes of the post, FLOKI’s trading activity skyrocketed, and trading volume soared more than 700 percent. The cryptocurrency community instantly connected the post to the token, pushing its price upward by over 20 percent in just hours. 

FLOKI had been trading around $0.00006966 before the post, looking to break above $0.00007. However, after the post, the meme coin’s price had broken above this level and had even broken past $0.0000 within a few hours. Therefore, the move confirmed that it was Musk’s post alone that triggered the run, as there were no concurrent updates from the FLOKI development team or new exchange listings.

Why It Had Nothing To Do With Dogecoin

Although Elon Musk’s name has long been associated with Dogecoin, the king of meme coins, this particular event had nothing to do with it. The FLOKI rally was based purely on the six-second video of the Shiba Inu and not on any reference to Dogecoin. There was no Dogecoin tweet, partnership, or update from Musk in connection with this episode.

The meme coin surge serves as another example of how social media can dictate short-term volatility across the meme-coin market. Particularly, the market reaction shows how quickly Elon Musk can influence the price action of some cryptocurrencies, especially meme coins.

Dogecoin’s price was mostly stable during the FLOKI jump. Dogecoin even broke below $0.20 again, showing that the two meme coins’ movements were not correlated in this instance.

At the time of writing, FLOKI is trading at $0.00007316 after pulling back from an intraday high of $0.00008801 in reaction to Musk’s post. Its 24-hour trading volume is currently at $536.9 million, roughly 75 percent of its market cap. 

However, without concrete project updates or ecosystem expansion, FLOKI could easily retrace back below $0.00007 once the enthusiasm cools down.

Featured image from YouTube, chart from Tradingview.com