FX.co ★ Photo of Elon Musk’s Shiba Inu puppy boosts meme coins

Elon Musk continues affecting the price of cryptocurrencies. This time, such meme-based tokens as Shiba Floki and Floki Inu showed an unprecedented rise after the Tesla CEO shared a photo of his new pet dog, a Shiba Inu puppy named Floki.

A joyful event in the billionaire’s family had an immediate influence on the crypto market. The Shiba Floki token enjoyed a bull run just after the publication of the puppy’s photo. What is more, Elon Musk wrote in the caption, “Floki has arrived”. These words had a magic effect as the crypto asset skyrocketed by 934% compared to the previous close. Another cryptocurrency with the similar name, Floki Inu, showed a smaller rise of 85.7%. However, analysts managed to record a jump of 139%. As an innate opinion leader, Elon Musk announced his plan to buy a puppy long ago. All this time, he was just warming up the audience providing details of the upcoming event.

Notably, most tokens received the names similar to shares of various companies in order to attract funds or they simply become prototypes of future cryptocurrencies. However, meme-based tokens have no value that could act as their security. Most of them will hardly become a real crypto asset. Nevertheless, some meme coins are used as a tool of speculative trading due to their high volatility.