Santa Floki Coin surged 18,800% in two days after the crypto space saw another price surge that was propelled by an Elon Musk tweet. Let’s take a closer look at the analysis in today’s altcoin news.
The world’s richest man posted a photo on Twitter about his dog wearing a Santa Claus outfit with a message Santa Floki and although this doesn’t seem special, the crypto token with the same name surged by 18,800% in the next few hours before dumping shortly after. Aside from being the CEO of some of the most prominent companies today, Elon Musk’s name goes hand in hand with some massive gains for memecoins in the crypto space.
Floki Santa pic.twitter.com/y3CTq16bGi
— Elon Musk (@elonmusk) December 25, 2021
His influence grew well outside of the Dogecoin where it stood at the start of the year as plenty of copycats emerged in the attempts to take the glory of the original memecoin. Musk’s tweets are not engaging explicitly with digital assets but resulted in incredible gains for the tokens containing the same name. The latest example came on Christmas when the billioanire shared a photo of this dog named Floki in a Santa Claus Outfit that he named Floki Santa. While this sounds normal during the Holiday season, what followed next is normal only in the crypto space.
The creators of the digital asset with the same name Santa Floki decided to make some gains on this opportunity and claimed that Musk tweeted about their project and not just about his dog. The price of the coin surged in the next few hours and made a staggering 18,840% surge in 48 hours. Since then, the meme coin crashed by 60%.
Elon Musk teases Tesla DOGE merchandise plan after he tweeted that his company could make some merch available to buy with DOGE to see how it goes. While some could argue that DOGE is a really enthusiastic aspect of the crypto market, Brad Garlinghouse doesn’t agree. Ripple’s CEO stated that DOGE might not be good for the crypto market because of its inflationary nature. The CEO commented during a CNBC-moderated panel discussion at the Fintech Abu Dhabi event and while discussing the broader market, he said that the rising inflation is creating some strong tailwinds for the entire sector.
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