The head of Tesla and SpaceX, who actively supports the Dogecoin cryptocurrency, posted a photo of his Shiba Inu puppy named Floki on the social network
The cost of the Shiba Flocki token rose by 1300% in three hours, according to CoinGecko. This happened after the head of Tesla and SpaceX, Elon Musk, who remains a supporter of the dark cryptocurrency Dogecoin, posted on Twitter a photo of his Shiba Inu puppy named Floki.
Then the price of the coin fell by 70%, while the altcoin trading volumes continue to grow. Over the past day, they increased by 100,000% and exceeded $1.1 million.
Musk announced that he will name his puppy Floki, on June 25. Then the billionaire’s tweet caused the quotes of the Shiba Inu meme cryptocurrency to grow by 9%.
Sharp fluctuations in the value of low-liquid assets can be the result of using the “Pump&Dump” scheme. It is widespread in the blockchain industry due to the lack of regulation.