Floki Inu, the dog-meme cryptocurrency which is based on Elon Musk’s pet, has surged to a whopping 3,40,150 percent in two months.
Floki Inu is a meme-cryptocurrency based on SpaceX CEO Elon Musk’s new pet, Floki. The cryptocurrency claims to be a community-owned crypto platform.
They have partnered with Million Garden Movement, a project run by Kimbal Musk, brother of Elon Musk.
It is aimed at helping home gardeners online deal with some of the most critical global issues, according to CoinMarketCap.
Even a single tweet from Elon Musk on a cryptocurrency can shoot up or plunge its price. Musk had posted a picture of his dog and then Floki Inu reached an all-time high of $0.00007477.
Floki Inu Increases To 3,40,150% in 2 Months
In the past two months, the cryptocurrency’s price has increased to 3,40,150 percent, according to a report from The Economic Times. On August 8, the price was $0.00000002 and from there it went straight up to $0.00006805 on October 8.
If we talk about it in terms of the Indian rupee, then if you would’ve invested a meager INR 1,000 two months ago, then it would’ve turned into a massive INR 34,00,000.
The maximum and total supply of FLOKI is set at 10,000,000,000,000 with the current circulating supply at 9,413.53B FLOKI.
One of the main reasons why investors are investing in this cryptocurrency is Elon Musk. Elon’s tweets can skyrocket prices and bring humongous profits for people who have earlier invested their money in cryptocurrencies.
However, Elon’s tweets can also change the market sentiment. Earlier, Elon said that Tesla will no longer accept Bitcoin due to environmental concerns. This led to bearish sentiment in the crypto market and the price of Bitcoin plunged.
Crypto experts believe that Floki Inu is popular as it’s more like a clone of Shiba Inu and has picked up due to the NFT gaming projects.
As of Sunday, the market capitalization of Floki Inu was about $700 million (Rs 5,250 crore).