A Dogecoin (DOGE) and Shiba Inu (SHIB) competitor has exploded in value following tweets from Twitter CEO Elon Musk that had nothing to do with the actual crypto asset itself.
Floki (FLOKI) is a memecoin that was created after Musk said he was naming his Shiba Inu puppy “Floki.”
On Wednesday, the tech mogul posted a few photos of his dog.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
FLOKI promptly jumped from trading around $0.000023 to $0.000037 at time of writing, a more than 60% increase.
Despite the recent price pump, the 130th-ranked crypto asset by market cap is still more than 89% down from its all-time high of $0.00033651.
It’s not FLOKI’s first price surge this year: In late January and early February, the token jumped from trading around $0.000011 to a high of $0.000035 on February 6th, a more than 218% increase.
That price increase happened after the Floki community voted in late January to burn 4.97 trillion tokens as part of a recent proposal that aims to reduce the risk surrounding the cross-chain bridge that currently holds the tokens.
Explained the project,
“In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what should be FLOKI’s total circulating supply (even though it is supposed to be locked/inactive, an exploit could quickly change that). This is A LOT of tokens, and that’s more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited.
In light of this fact, we feel it would be in the best interest of the project to permanently disable our main cross-chain bridge and BURN the tokens in the bridge if the DAO [decentralized autonomous organization] votes in favor of doing so.”
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Source: https://dailyhodl.com/2023/02/16/dogecoin-doge-rival-explodes-after-elon-musk-takes-to-twitter-to-tweet-new-dog-photos/