According to CoinGecko data, the price of the Dogecoin-like crypto coin Floki Inu jumped nearly 100% after Tesla CEO Elon Musk posted a photo of his dog on Twitter.
However, the original prank-based coin DOGE only gained 5% before completely retracting its gains during a broader market sell-off.
The Floki Inu cryptocurrency was created on Binance Smart Chain (BSC) on June 28, when Musk announced that his Shiba Inu dog would be named Floki.
Unlike Dogecoin, Floki is a deflationary cryptocurrency backed by the “proof of”. The joke coin is currently only available on Uniswap and PancakSwap, but the team plans to also be listed on centralized exchanges as per the project’s roadmap.
Musk initially announced that he would purchase a Shiba Inu dog in March, causing excitement in the Dogecoin community and sharply raising the price of the original prank coin.
Prior to that, he claimed that Dogecoin was a “people’s crypto” as he did not have to be a “gigachad” to own Dogecoin.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.