Elon Musk provoked a sharp rise in FLOKI cryptocurrency by 29%

The price of the FLOKI token increased by almost 29% within hours of Elon Musk’s post on the X social network. In the post, the entrepreneur posted an artificially generated video of his Shiba Inu dog named Floki wearing a tie and glasses «returning to work» as the platform’s CEO. In the video, the dog repeats the phrase «Numbers, numbers, numbers? Is this working? Yay.» After that, FLOKI’s price rose from $ 0.6 572 to $ 0.8 469, and later corrected to $ 0.7 625.

This case once again demonstrated Musk’s influence on the meme-coin market, where prices often change not due to fundamental factors but under the influence of hype and community activity. Similar situations have already happened with Dogecoin DOGE $0.19 Binance-Peg Dogecoin -2.86% Market capitalization $0.5 billion VOL. 24 hours $0.29 billion , which Musk has repeatedly mentioned in his posts. His tweets, jokes, and even a temporary change in the X logo have previously caused sharp fluctuations in the value of DOGE. In 2022, a class action lawsuit was filed against Musk for allegedly manipulating Dogecoin, but the case was dismissed in 2024.

Musk’s publication came amid a general decline in the memecoin market. According to CoinMarketCap, on October 11, the total market capitalization of this segment decreased by almost 40% - from $ 72 billion to $ 44 billion. Nevertheless, the viral post temporarily restored optimism among traders, demonstrating that even a single post can affect market dynamics.

At the same time, the commercial division of the Dogecoin Foundation, House of Doge, acquired a controlling stake in the Italian football club US Triestina Calcio 1918. The investment involves the introduction of payments in Dogecoin during home matches and the development of the club’s infrastructure. Triestina management hopes that the financial support will help the team stabilize in Serie C.

This deal is part of a broader trend of cryptocurrency companies investing in sports clubs to increase brand awareness and practical use of tokens. For Dogecoin, this is another step towards integration into the real economy, and for the memecoin market, it is another confirmation that Elon Musk remains an influential factor that can instantly change investor sentiment.