There’s More To Floki’s Rise Than Elon Musk Tweets; Details

Floki Inu Coin price: Going by past experience with Elon Musk’s tweets involving cryptocurrencies, Floki Inu coin could well be the most talked about coin for the next one month. Floki’s new avatar as the ‘Twitter CEO‘ might as well turn out to be a marketing strategy in Musk’s pursuit of finding the new CEO. He already announced that the hunt is on for the replacement and that Twitter could likely have the new CEO by end of 2023. Meanwhile, the crypto community is bullish of the fact that the Tesla CEO had finally tweeted something about cryptocurrencies after a long time.

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Floki, The Next DOGE Of Crypto Twitter?

After Elon Musk’s overwhelming validation of Dogecoin (DOGE) over the last two years, Floki now takes centerstage thanks to his support to memecoins. With this, the Floki supporters will buoyed in delight and a flurry of Twitter campaigns could follow soon, as was seen with the Shiba Inu (SHIB) and DOGE mania in early 2022. However, there’s more to the story for this token than mere support and hype.

Soon after the Twitter CEO Floki trend caught up, major crypto exchange KuCoin announced it was listing the memecoin. Following Kucoin announcement other smaller exchanges have announced listing it while some others are also preparing for it.

Very recently, Floki developers had proposed a governance change involving burning of $55 million worth FLOKI tokens. Generally seen as a rival to Shiba Inu, developers in the memecoin’s ecosystem are creating NFT marketplaces, metaverse based games, educational platforms, among others. Hence, more news could catapult the cryptocurrency into much stronger place in terms of trader interest, thanks to Elon Musk’s attention.

Speaking at an event on Wednesday, Musk said he was planning to step down as the social media platform’s head. His immediate priorities are to stabilize Twitter financially before the new CEO takes charge. The memecoin’s price went up by around 60% after Musk’s tweets on the new Twitter CEO. The coin is ranked 217 among cryptocurrencies based on current market cap of $320 million.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]