Whether you think it’s by his own fault or not, controversy tends to follow Elon Musk. As an envelope-pusher and innovator, regulations and limitations are more often adversaries to Musk than they are friends. Controversies over regulatory violations, self-driving tech, even his own Twitter account often plague the Musk PR campaign. But today, the billionaire is making the news on a much more wholesome note. Musk’s new puppy is catalyzing huge gains among cryptos like the jumpstart token Shiba Floki (CCC:FLOKI-USD). Is the FLOKI crypto’s success going to spur an interest once again in meme cryptos?
Elon Musk has inadvertently pumped the FLOKI crypto in the past. For months now, the Tesla (NASDAQ:TSLA) founder has talked about his desire to get his own Shiba Inu puppy named Floki. Of course, the breed is an homage to the success of his favorite crypto, Dogecoin (CCC:DOGE-USD).
Most often, Musk’s comments on the hypothetical pet served to bump up DOGE prices, but it also stirred a variety of other cryptos that have borrowed the dog theme. His puppy talks have levitated coins such as Shiba Inu (CCC:SHIB-USD) and Kishu Inu (CCC:KISHU-USD) in addition to DOGE.
Elon Musk’s Shiba Inu Catalyzes 900% Gains in Meme FLOKI Crypto
Today, Musk finally brought home his own furry friend. As it turns out this morning, the pet is already a savvy crypto influencer. The entrepreneur hopped on Twitter last night to show off his new Shiba Inu — of course, it bears the name Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
— Name (@elonmusk) September 12, 2021
There’s no doubt the photo is adorable, but beyond the cuteness factor, the post is serving to boost some cryptos. Interestingly enough, Dogecoin is down 2% on the day, even with this catalyst; this further proves the waning effect Musk’s tweets have on influencing DOGE prices. But, it is sending the appropriately named FLOKI token, as well as another crypto called Floki Shiba (CCC:FSHIB-USD) high today.
FLOKI and FSHIB were, of course, both created by fans who wanted to capitalize on the internet-celebrity of a potential Elon Musk pet. Of course, both were created nearly the same day as Musk’s first “Floki” tweet back in late June. And today, the FLOKI crypto in particular is surging. At the top of CoinMarketCap’s top gainers for the day, FLOKI is surging an astonishing 937% on the day. FSHIB is gaining just under 12%; it’s likely that FLOKI was an easier crypto to find with its search friendly ticker, so it is the one investors are flocking to in order to capitalize on the moment.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.