While much of the meme coin market is experiencing a downturn, Floki Inu (FLOKI), a coin associated with Elon Musk, has bucked the trend and posted gains.
Despite leading meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) suffering around a 5% weekly decrease, FLOKI has surged over 7% in the past 24 hours, and 16% in the last 30 days.
The coin has a connection with Musk, the world’s wealthiest individual, as it shares its name with his pet dog, Floki. Past tweets from Musk have reportedly influenced FLOKI’s price on multiple occasions.
For instance, earlier this year, when Musk referred to his pet as the new CEO of X (previously Twitter), FLOKI’s value spiked by 40%. The catalyst for the token’s recent upsurge, however, remains unclear.
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