In the wake of a meme featuring Elon Musk’s pet Floki being posted by the Twitter CEO, traders have become very enthusiastic about Shiba Inu-related investments.
The freshly-appointed head of Twitter has been garnering attention with their appointment #yBqWFUDIQH
According to CoinDesk figures, the cost of DOGE has increased by 5.4% in the last 24 hours.
In October 2020, Musk took over as CEO of Twitter after the completion of the acquisition agreement. Although the two were initially on friendly terms, their relationship grew tense as the year progressed. Musk no longer follows Agrawal on the platform, yet Agrawal still keeps tabs on Musk.
At the end of the year, news circulated that Musk had initiated a search for a new head executive of Twitter after having lost in a public opinion survey on the matter.
He declared that he would step down from his position as CEO once he located someone who was willing to take on the responsibility. After that, he would just oversee the html5-dom-document-internal-entity1-amp-end servers teams.
In the past 24 hours, CoinGecko data shows that the cryptocurrency dubbed Floki, named after Musk’s pup, has surged by 41%.
At the beginning of the year, the value of Floki coin surged by almost double after the Floki Inu DAO, the organization behind the currency, ratified a governing measure to burn off $100 million worth of tokens.
Floki Price, from CoinGecko, is the subject of this text.
The rationale for burning tokens is that it reduces the available number, thereby augmenting the worth of each token if the demand is unaltered. This can be likened to a stock buy-back in the crypto realm.
The cryptocurrency DOGE has experienced an upsurge on the back of a tweet from Tesla CEO Elon Musk in the past, and now a recent Financial Times report about Twitter’s plans for introducing crypto payments has sent the memecoin skyrocketing.
In December 2022, Santiment, a blockchain analytics firm, released a warning that when DOGE and other meme coins (e.g. Shiba Inu) experience unusually high growth, it usually signals an upcoming market downturn.
Over the past quarter, the markets have started to bounce back from the FTX-driven crypto winter. CoinDesk reported that by mid-January, Bitcoin had recouped all of its FTX-related losses. This market recuperation has also sparked an altcoin season, which is characterized by numerous coins experiencing two- or three-fold increases in value.
In the last quarter, Bitcoin has risen by 34%, whereas SHIB has advanced by 40%, BONK has skyrocketed 533%, and Floki has gone up 242%.
In comparison with other canine-inspired cryptos that have been shooting up, DOGE has actually decreased by 2%, which might support Santiment’s speculation that the market hasn’t reached the stage of a mass sell-off yet.
Revisions have been made as of February 15th at 05:51 UTC.
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