Elon Musk’s declaration as new CEO drives up prices of Dogecoin, Floki Inu, Shiba Inu

Twitter and Tesla CEO Elon Musk on Wednesday tweeted a photo of his dog “Floki” with the legend “Twitter’s new CEO is amazing.“

Elon Musk’s meme stating that “Floki” is the new CEO of Twitter is driving up the prices of meme coins, including Dogecoin, Floki Inu and Shiba Inu. He also stated that “Floki“is still much better than the other guy, he’s great with numbers and he’s got style.

The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH

— Elon Musk (@elonmusk) February 15, 2023

Several crypto influencers reacted to Elon Musk’s tweet, including Dogecoin creator Shibetoshi Nakamoto, Shiba Inu lead developer Matt Wallace, Shytoshi Kusama, David Gokhshtein and others.

The price of Floki Inu (FLOKI) soared more than 45% after Elon Musk’s tweet, with the current price trading at $0.00002974. The price of FLOKI has jumped from a low of $0.00002092 to a high of $0.00003278 in the past few hours. Trading volume in FLOKI has increased by nearly 250% in the last 24 hours.

Meanwhile, the price of Dogecoin (DOGE), Elon Musk’s favorite meme currency, has climbed more than 5% in just one hour. The price of DOGE is currently trading at $0.08599. The 24-hour low and high are $0.08127 and $0.087 respectively.

Other meme currencies such as Shiba Inu (SHIB) and BONE also rose by 4% and 8%, respectively. Shiba Inu lead developer Shytoshi Kusama revealed on Tuesday that the Shibarium layer 2 blockchain is ready and will be released soon. He also confirmed that Shibarium will be available before May this year.

This is not the first time Elon Musk has influenced the prices of crypto-currencies, including Dogecoin and Bitcoin. Musk has backed Dogecoin, speculating on the meme currency’s integration into Twitter payments.

Recently, the price of Dogecoin jumped more than 5 percent after Elon Musk casually responded to a tweet that he was discussing Dogecoin with Fox News chief Rupert Murdoch while sitting with him at Super Bowl LVII on Sunday.