Tesla CEO, Elon Musk is known for having influence on crypto assets especially meme coins via his tweets.
The Twitter owner tweeted a picture of his dog Floki, posing as the CEO of social media giant Twitter. The tweet fueled a bullish sentiment among Shiba-Inu-themed crypto holders, triggering a rally in these tokens.
The tweet triggered a reaction in the Shiba-Inu-themed meme coin community and FLOKI, DOGE, SHIB prices rallied in response.
Floki, the meme coin that shares its name with Elon Musk’s dog soared 39% while Dogecoin and Shiba Inu yielded moderate gains.
This is not the first time that meme coins have witnessed a rally in response to self-proclaimed Dogefather Musk’s tweets and comments.
The meme coin community is awaiting the launch of crypto payments on the social media platform Twitter. DOGE and SHIB holders believe that the meme coins could find utility as payment options on Twitter.
Musk recently applied for a payments license for the social media platform in the US. Experts believe this is part of the Tesla CEO’s plan to turn Twitter into a “super app” with payment features and more utilities than social media messaging.