Elon Musk
Memecoins are known to thrive on hype and many have enjoyed such hypes from Elon Musk, but FLOKI just got lucky again.
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Musk referred to his dog which has the same name as X CEO on 20 October, sparking a rally of over 20% in the last 24 hours.
The business tycoon and world’s richest man made the statement with an AI-generated video of a puppy, causing a massive frenzy around the coin.
Igniting market frenzy
The market has been dull and unexciting for the past few days, and investors and traders have been mostly inactive.
However, with Musk’s tweet, many of his followers say “we’re back”, a slogan that in crypto means the market is back to its bullish state.
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As is the custom with Musk, the tweet could be a way of returning life to the crypto community on X after the recurring corrections dampened the spirits of many.
It however succeeded in kickstarting a huge rally for FLOKI, setting it apart from other assets. Unfortunately, FLOKI is the only asset among the top 100 that has gained more than 10% in the last 24 hours at the time of writing this report
Other memecoins like Dogecoin and Shiba Inu have not been affected by the rally in any way, contrary to what many expected that not only memecoins but the whole crypto market should pump.
Will the rally hold
Memecoins are known to pump based on sentiments, but the problem with such rallies is that they are mostly short-lived.
This is why new memecoin projects seek to not only ride on hypes but also real-world utility to ensure that they are able to sustain growth after the hype dies down.
For FLOKI, it will be interesting to see how long it takes before the rally gains are lost and then it is back to the prevailing market trend.
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