Elon Musk gave an unexpected boost to the Floki Inu project after a series of tweets calling Floki the “CEO of X”. The token rallied by 27% following a recent market slump. 

Elon Musk called Floki “The CEO of X”, briefly reviving the FLOKI meme. The asset rallied by over 27%, rising to a one-week high of $0.000082. For FLOKI, those rallies are not unusual for a low-priced meme token. The recent rally also erased last week’s slump. 

Later, Musk added an additional AI-generated video of Floki the dog as CEO of X. 

Musk referred to his Shiba Inu dog, adopted in 2021, apparently taking the role of CEO of X. The dog’s fame coincides with the launch of the Floki Inu project, which attempted to combine meme fame, DeFi, and on-chain gaming. Floki Inu was launched as an answer to Shiba Inu (SHIB), also attempting to tap into the fame of the original DOGE.

After the messages, FLOKI displaced other assets as the top gainer among all coins and tokens. After the recent expansion, FLOKI moved ahead of DogWifHat (WIF) and is just behind SPX6900 (SPX). 

Meme tokens have recovered up to $64B in total market capitalization, of which DOGE is responsible for close to 50%. Meme tokens remain active, especially when incentivized, but older assets are not as responsive to market hype. Memes slowed down as altcoin season ended, but occasionally, tokens still show an ability to outperform in the short term. 

Is Elon Musk losing his crypto influence?  

The FLOKI 30% rally may look impressive after the past week in the red. However, traders have recalled a period when a comment from Musk would have easily caused a 10X growth during previous market cycles. 

Musk has previously boosted DOGE, in addition to newer assets like GORK. The tokens were mostly forgotten, and they barely budged in relation to Floki. Musk’s mention of memes is now insufficient to cause an overly exuberant rally. 

In contrast, Changpeng “CZ” Zhao recently displayed a strong influence on memes in the Binance ecosystem. Zhao still warned that hackers could target crypto influencer accounts to shill new tokens. 

More bullish predictions still see FLOKI as performing a 10X after months of relatively low activity. The coming days will show if FLOKI can also revive dog-themed memes, which in the past have risen together. 

FLOKI launches wave of copycat tokens 

The mention of FLOKI and its rally caused a wave of new token creation. Currently, FLOKI still relies mostly on its Binance trading pair. However, a new asset was launched on Solana, though still as an unofficial token. 

The token only achieved $49K in liquidity, as even top whales only extracted $1,500. The new token lacks the original Floki reward infrastructure and incentives. 

The Floki Inu project still attempts to boost its Valhalla NFT game, recently completing a small competition and giveaway.

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