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Elon Musk's tweet sparks Memecoin rally

Elon Musk introduces the supposed new Twitter boss.

By Mike Hesp
• 1 min read
Elon Musk's tweet sparks Memecoin rally

Elon Musk introduces the supposed new Twitter boss. The news leads to a Memecoin rally: DOGE, SHIB, and FLOKI.

In a tweet, Twitter's current CEO Elon Musk names his dog Floki as the alleged new boss of the microblogging platform. The obvious joke kicks off a Memecoin rally in the crypto market.

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Shortly after Musk sent the post, the prices of Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) rose. DOGE and SHIB each gained about 6% within 24 hours. FLOKI, on the other hand, literally exploded and gained roughly 30%.

Trading volume for all Memecoins also jumped by 290% in a short time, Cryptoslate reports. This isn't the first time Elon Musk has influenced market sentiment. There was already a Memecoin rally after the controversial takeover in October 2022.

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