Eccentric billionaire and Tesla/SpaceX founder Elon Musk is set to close his deal to buy Twitter on Friday. The Twitter stock (TWTR) rallied slightly after Bloomberg and other media outlets reported the news on Tuesday.
Dogecoin and other Elon Musk influenced memecoins seem to be benefiting the most from this news, however:
Dogecoin (DOGE) is up 15% on the day at the time of writing due to the news of Elon Musk closing the Twitter deal. Shiba Inu (SHIB) is up 5% on the day and Floki (FLOKI) is up 4% on the day.
Why Dogecoin, Shiba Inu and Other Memecoins are Rallying
Dogecoin (DOGE) is leading the memecoin pack with a massive rally for two key reasons:
- Elon Musk has repeatedly expressed his love for the cryptocurrency and is its biggest advocate.
- Elon Musk has made it clear that he will be integrating the cryptocurrency on Twitter once he takes over the platform.
The above two facts have fueled renewed interest in the original meme cryptocurrency and it seems primed for an explosive rally.
Floki is another cryptocurrency people tend to associate with Elon Musk due to the fact that it was named after his Shiba Inu puppy. Unlike Dogecoin, Floki is very particular about focusing on utility and that seems to position it better for success in the industry.
Shiba Inu tends to track Dogecoin closely, and whenever Dogecoin rallies it follows almost immediately.
Floki (FLOKI) is Worth Paying Attention To
While many people are a lot more familiar with the Dogecoin (DOGE) or Shiba Inu (SHIB) cryptocurrency, their younger cousin Floki (FLOKI) is worth paying attention to.
Floki is a memecoin with a heavy focus on utility, and one of its key utility protocols called FlokiFi Locker is going live this month. The protocol is partnered with major cryptocurrencies that include Trader Joe (AVAX’s biggest DEX), Chainlink, OKX Chain, Kucoin Community Chain, and many other industry movers and shakers.
FlokiFi Locker is poised to disrupt the DeFi industry by going after a section of the industry with over $2.8 billion in annual value. The protocol will also position Floki more favorably with institutional investors, an advantage that could really help the cryptocurrency’s growth and adoption.
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