Dogecoin (DOGE) and Shiba Inu (SHIB) Go Parabolic on News of Elon Musk’s Twitter Purchase. Floki (FLOKI) Is Another Crypto to Pay Attention To
Twitter stock (TWTR) rallied a little after Bloomberg reported that Elon Musk will be closing his deal to purchase Twitter on Friday.
The biggest beneficiaries of that news, however, have been Dogecoin (DOGE) and Shiba Inu (SHIB) – popular cryptocurrencies known to use the Shiba Inu dog as their mascot. The Floki (FLOKI) cryptocurrency also seems poised to be a major beneficiary.
Dogecoin has so far rallied 15% by Wednesday evening and looks poised for a more explosive rally. The latest move was fueled by Elon tweeting a video of himself carrying a sink into the Twitter headquarters with the caption, “Entering Twitter HQ – let that sink in!”
[Embed tweet: https://twitter.com/elonmusk/status/1585341984679469056]
Elon has repeatedly joked about half of his tweets being made on the “porcelain throne,” and apparently his latest tweet is kind of an attempt to play on that joke.
Why Dogecoin (DOGE) and Shiba Inu (SHIB) Rallied After News of Elon Musk’s Twitter Purchase
Both Dogecoin and Shiba Inu have rallied harder and recorded more gains than the Twitter stock itself since it was reported that Elon Musk will be closing the Twitter deal on Friday.
The key question is why?
Elon Musk’s love for Dogecoin isn’t hidden. He has repeatedly shilled the cryptocurrency and now allows people to buy Tesla (TSLA) merchandise with DOGE. He has also openly expressed intent to allow DOGE to be used to purchase SpaceX merch.
Dogecoin’s latest rally is connected to Musk’s Twitter purchase because he has repeatedly expressed intent in integrating cryptocurrencies on Twitter and with a preference for Dogecoin.
Integrating cryptocurrencies on Twitter is bullish for the entire crypto industry and helps with mainstream adoption of crypto, and even more so for Dogecoin.
The entire memecoin market tends to rally whenever Dogecoin (DOGE) rallies, with Shiba Inu (SHIB) tending to follow closely behind. It isn’t any different this time around.
Why It is Very Important to Pay Attention to Floki (FLOKI)
Floki (FLOKI) is another meme cryptocurrency you should pay attention to as both Dogecoin (DOGE) and Shiba Inu (SHIB) rally.
Floki is a popular memecoin inspired by Elon Musk himself and named after Elon Musk’s much beloved Shiba Inu pup. With both Dogecoin and Shiba Inu rallying due to Elon’s Twitter purchase, Floki is likely to soon be in the spotlight as well.
The popular memecoin is utility driven and is building a metaverse game named Valhalla and a DeFi protocol named FlokiFi Locker. The project’s FlokiFi Locker protocol already has several high profile partners including Avalanche’s biggest DEX Trader Joe, popular retail brand turned DEX RadioShack, Chainlink (LINK), and many more. The protocol will be live on mainnet this month and is poised to help the memecoin gain more adoption.
Floki being much younger and currently much smaller than both Dogecoin and Shiba Inu as well as its focus on utility means it could very well have the most potential among the pack.
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