Elon Musk: That billionaire Elon Musk’s comments have the power to influence the cryptocurrency market, everyone already knows. But now the thing has gone further: now it’s even up to Tesla’s owner’s dog, Floki. The pet was named after a new digital asset that, since its inception, has appreciated by nearly 2,000%, according to monitoring site CoinMarketCap.
Derived from the name of the Elon Musk mascot, the Flokinomics (FLOKIN) currency is traded on BinanceSmartChain. The platform is a kind of parallel blockchain, as an alternative to Ethereum, but low cost and high speed, with some interesting features like using assets from several different chains.
According to data released on Saturday (9) by CoinMarketCap, FLOKIN had, in the previous 24 hours, a total trade of US$ 2.8 million (which represents almost R$ 16 million) and a 1455% appreciation. This puts it at number 2872 in the overall ranking of cryptocurrencies by market capitalization and as the “best rebase token ever seen by men,” according to the site.
The characteristic of the token rebase of operating with a flexible stock, with variable supply depending on its price, and also the effigy of the puppy, ended up generating a cascade effect of valorization in other cryptos inspired by dogs. The first one, Dogecoin, has a Japanese dog Shiba Inu as its symbol.
The second highest-yielding currency after FLOKIN, a kind of spin-off from Dogecoin, gained 400% in the week following Musk’s Twitter post. Recording its peak on Thursday (7), the cryptocurrency that experienced its biggest high in five months and is called (guess what)… Shiba Inu, the SHIB.