Elon Tried to Pump Doge and Failed, But Floki Inu Coin Soared

By Ben Carey July 03, 2021 In Crypto News, Dogecoin

Elon Musk’s latest attempt to stay relevant in the crypto space and pump Dogecoin has been met with mediocre success. However, other Doge-inspired meme coins have jumped in value.

Crypto’s greatest ever troll has continued his quest to pump Dogecoin and all of the other copycat meme coins. On 1 July at 8:43 am UTC time, Musk posted a Godfather-themed meme along with the words, “Release the Doge!”

Seconds after, Dogecoin jumped from US$0.24 to $0.261, an 8.75% increase. A sharp sell-off followed but then at 9:24 Musk tweeted again, posting a message consisting of slightly altered lyrics from the viral 2017 children’s song Baby Shark.

After this second tweet, Dogecoin rose about 5 percent back up to $0.260. This could hardly be considered a successful attempt to pump the price of Dogecoin.

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Dogecoin chart in relation to Musk tweets

Some in the crypto community suggested Musk’s tweets were beginning to lose their impact on the crypto market.

Bump in Baby Dogecoins

Although Dogecoin didn’t pump in response to Musk’s tweets, most of the other Doge-inspired meme coins, sometimes referred to as “Baby Dogecoins”, did. These included Shiba Inu, Baby Doge, which is up over 500 percent since its inception just over three weeks ago, and the brand-new Floki Inu. Musk tweeted about naming his new dog “Floki” on 25 June. In response, Shiba Inu jumped 25%, but Floki Inu went on a moon mission with an insane 3,500% surge in a matter of minutes.

https://twitter.com/CryptoCanineNFT/status/1408388024241692673

Although Floki Inu did not repeat its lunar launch, it did soar from $0.00000269 to a high of 0.00001280, a 375% rise, between 1 July and 2 July, largely due to Musk’s tweet.

Floki Inu chart around the time of Musk tweet

Musk Walks and Talks the Doge

Musk has been spruiking Dogecoin for months now, which many consider is the primary reason for its meteoric rise. Musk even went on Saturday Night Live to shill the coin. Since then though, Dogecoin has been steadily falling in price, despite Musk’s best efforts. Some analysts and traders consider this a blatant “top signal” for the whole market.

https://twitter.com/CryptoCobain/status/1406692489013116928

Ben Carey
Author

Ben Carey

Ben Carey is a Brisbane-based writer, with a wide range of experience, from copywriting to game design and film and tv scriptwriting. He's been following, investing, and trading crypto since 2017. He has three lambos (in Gran Turismo), and can often be seen around town wearing a Bitcoin or Ethereum themed Christmas sweater.

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