Cryptocurrency named after Elon Musk’s dog surges 2,400 percent


Fans of Elon Musk made a cryptocurrency named after his dog — and it’s up 2,400 percent. 

Flokinomics, a dogecoin knockoff that started trading on Sunday, was going for $0.000002254 early Wednesday, according to CoinMarketCap data. While that might not sound like a lot, it’s a 2,400 percent increase in value over the previous 24 hours.

“WE $FLOKIN DID IT,” declared a Twitter account for the cryptocurrency. 

Flokinomics is named after Elon Musk’s dog, Floki. 

Floki is a Shiba Inu — the same kind of dog that serves as the mascot for dogecoin, the “meme” cryptocurrency that Elon Musk famously promoted earlier this year. 

Amid hype from Musk, dogecoin surged from $0.06 at the beginning of April to a peak of $0.74 in May. The coin then plummeted after Musk joked about it on Saturday Night Live and is now trading at about $0.26. 

Elon Musk's dog
The coin is named after Elon Musk’s dog, Floki.
Elon Musk Twitter

The Tesla CEO has also promoted another Shiba Inu-themed coin, Baby Doge. In July, Musk tweeted about the coin and its price more than doubled

Musk has not spoken publicly about Flokinomics — but that’s not stopping creators and fans of the cryptocurrency from angling for a shoutout from the mogul, which would inevitably send its price soaring.

“Named after elons dog so one tweet from elon and we will moon so damn hard!!!” wrote one user on the Flokinomics Reddit forum.

“Awesome… Making a ton off this!!” wrote another.

Critics say that Musk’s habit of arbitrarily sending cryptocurrencies flying presents a risk to investors.





Read More: Cryptocurrency named after Elon Musk’s dog surges 2,400 percent

Leave A Reply

Your email address will not be published.