This Elon Musk-Related Meme Coin is the Only One to Defy Stagnating Crypto Market

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This Elon Musk-Related Meme Coin is the Only One to Defy Stagnating Crypto Market
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TL;DR

While most memecoins are experiencing a decline, Floki Inu (FLOKI) is rising with a 7% increase in the past 24 hours and 16% over the last 30 days.
The token has connections to Elon Musk, as his dog is named Floki, and Musk’s tweets have historically impacted FLOKI’s price, with one instance causing a 40% spike.
Memecoins are speculative cryptocurrencies based on trends; notable examples include Dogecoin, Shiba Inu, and Floki Inu, among others.

FLOKI Goes Against the Tide

Most crypto assets part of the memecoin realm have been heavily impacted by the recent market decline. Leading ones like Dogecoin (DOGE) and Shiba Inu (SHIB) have both nosedived by approximately 5% on a weekly basis.

okex

However, there is one such token part of the top 10, which is on an uptrend, and its name is Floki Inu (FLOKI). It is up over 7% for the past 24 hours and 16% in the last 30 days.

FLOKI Price
FLOKI Price, Source: CoinGecko

Interestingly, the memecoin is somewhat related to the wealthiest person on the planet – Elon Musk – since his dog’s name is named Floki. Tweets coming from him have impacted the price of the asset multiple times.

For example, Musk dressed his pet as the new Chief Executive Officer of X (formerly known as Twitter) earlier this year, while FLOKI spiked by 40% shortly after. The exact reason behind the token’s latest surge remains unknown.

Everything About Memecoins

Memecoins are a certain type of cryptocurrencies that are highly speculative and based on a specific trend. The largest ones by market capitalization are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), Floki Inu (FLOKI), Bone ShibaSwap (BONE), and Baby Doge Coin (BabyDoge).

We released a dedicated video that touches upon those assets and explains their specifications. Those curious to learn more can click on the clip below:

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