Doge, Floki and SHIB are up, While BONK is flat after Musk Pronounces his Dog Floki is an Astonishing CEO of Twitter and “Better Than That Other Person.”
Traders are Siphoning Everything Shiba Inu after Twitter CEO Elon Musk Posted an Image Including his Dog Floki acting like the new Supervisor of Twitter.
DOGE has risen 5.4% over the past 24 hours
Musk replaced Parag Agrawal as CEO of Twitter when his acquisition of the social networking site closed on Oct.27,While the two reportedly had a cordial relationship when they first met, after Musk turned into Twitter’s biggest shareholder, their relationship reportedly soured as 2022 delayed.Musk has deleted Agrawal from Twitter, while Agrawal, the former CEO, still follows Musk.
In December, it was Accounted for that Musk had started looking for a new CEO of Twitter after losing a web-based survey on the topic.I will leave as CEO as soon as I can find someone to do the work.After that, I will just run the software& servers teams,” he said.
Floki Up Nearly 50%
In the mean Time, Floki, which takes its name from Musk’s dog, is up 41% in the last 24 hours according to CoinGecko data.
In January, Floki’s price revitalized almost 100 percent after the Floki Inu DAO, the group behind the Coin, passed a Governance Resolution to do a $100 million Token Burn.
The Rationale Behind Burbing Tokens is that it decreases supply, which Consequently Increases the Value of every Token provided the level of interest remains the same. This is sort of like a Stock buy-back in the Crypto World.
Will DOGE Bring a Dog Day to the Markets?
This isn’t the first time that DOGE spiked a Musk-related Tweet. In late January a report from the Financial Times that said Twitter is planning a System to allow Crypto Payments, sent the Memecoin Soaring.
A December 2022 Report from Blockchain analytics firm Santiment forewarned that historically, outsized gains in DOGE and other image coins like Shiba Inu (SHIB) have been the first indication of a far reaching selloff.
During the last three months, markets have started to recover from the profundities of the FTX-instigated crypto winter. By mid-January, Bitcoin had erased its entire FTX-related decline. The market recovery has also started off an altcoin season with a large number of these Coins posting double or triple-digit gains.
Bitcoin has posted a 34% gain in the last three months, while SHIB is up 40%, BONK up a faltering 533%, and Floki up 242%.
Despite the other canine coins yapping at the moon, during this time span — Including today’s surge — DOGE is actually down 2% suggesting, if Santiment’s proposal turns out as expected, that we aren’t yet at the place of a broad sell-off.
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