By EWN • 17 February 2023 • 12:00
It’s been a good day for meowing and barking as traders are pumping all things Dogecoin (DOGE), Floki Inu (FLOKI), and Big Eyes Coin (BIG). This comes after Telsa and Twitter CEO posted a meme involving his dog Floki with the caption, “new CEO of Twitter is amazing.”
In a matter of hours, Musk’s meme declaring “Floki” as the new CEO of Twitter sent meme coin prices soaring. The price of DOGE has increased 5.4% during the last 24 hours, according to statistics from CoinDesk, while reports show that Floki, which gets its name from Elon Musk’s dog, has increased 41% during the past day.
While Big Eyes Coin, another meme coin making waves, has raised over $27 million in its presale so far.
This isn’t the first time DOGE has spiked on a Musk-related tweet. In late January, a report from the Financial Times that said Twitter is designing a system to permit crypto payments sent the meme coin soaring.
More recently, Dogecoin price jumped over 5% after the tech billionaire casually replied that he was discussing Dogecoin in a tweet, asking what he and Fox News boss Rupert Murdoch were chatting about during the Super Bowl on Sunday.
The canine coin’s creator, Shibetoshi Nakamoto, reacted to Elon Musk’s tweet with a show of support for the sentiment.
At the time of writing, the Dogecoin price is set at $0.08599 with a 24-hour trading volume of $789,737,986.
Other meme tokens like Shiba Inu’s $SHIB and $BONE didn’t do badly either, as they rallied at 4% and 8%, respectively.
Floki Inu (FLOKI) price skyrocketed over 52% after Elon Musk Tweet, with the current price trading at $0.00003454. The FLOKI price jumped from a low of $0.00002092 to its current high in the last few hours. The trading volume on FLOKI also pumped nearly 250% in the last 24 hours.
Other news that seems to be affecting this meme coin is the upcoming burn that is expected to take place. In January, after the Floki Inu DAO, the organization that created the coin passed a governance resolution to carry out a $100 million token burn, the price of Floki increased by approximately 100%.
Burning tokens is a smart move as it reduces supply, which, assuming demand stays the same, increases the value of each token. This is similar to a stock buy-back in the cryptocurrency space.
Big Eyes has continued to make headlines with the success of its presale, which continues to grow unhindered. The cat-themed meme has managed to raise $27.18 million at a time when the market isn’t flourishing. With a target to launch once it hits 50 million dollars, BIG is more than halfway to going live.
It is already on track to outperform Dogecoin and Shiba Inu in the market, which is a significant accomplishment for the new kid on the block.
Looking ahead, Big Eyes plans to maintain its community centered stance while combining its meme effect with beneficial uses in the decentralised finance (DeFi) ecosystem and non-fungible tokens (NFTs).
Although it is too early to declare this a definite comeback of meme coins, there has undoubtedly been an uptick in positive activity. So don’t be left out, as cats and dogs rule the crypto world.
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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