American entrepreneur Elon Musk sparked a short-term rebound in the meme coin market after posting an interesting message on his social media platform X.
On Monday, Musk shared a post stating that his pet Shiba Inu Floki was "back on the job" as the CEO of X. The post was accompanied by an AI-generated video showing his dog sitting at a desk, wearing a tie and glasses, saying, "Numbers, numbers, numbers, numbers? Is this useful? Yay."
According to CoinGecko, on Monday, after Musk's post, the price of the Floki (FLOKI) meme coin rebounded from a low of $0.00006572 to a high of $0.00008469, an increase of 28.8%. As of the time of writing, the asset has retraced to $0.00007998.
This surge demonstrates Musk's continued influence over speculative crypto assets, particularly meme coins that primarily follow hype.
This is not the first time Musk has been associated with price surges in the meme coin space, with the most notable example being his connection to the Dogecoin (DOGE) cryptocurrency.
Over the years, Musk's tweets, logo changes, and amusing remarks have led to increases in DOGE's price.
In 2022, a class-action lawsuit was filed against Musk, accusing him of manipulating the price of DOGE through media appearances and social media posts.
The plaintiffs withdrew the lawsuit on November 14, 2024.
Meme coins were one of the crypto sectors impacted during the market crash on October 10 and last Friday.
Data from CoinMarketCap shows that on October 11, the meme coin market lost nearly 40% of its valuation during the crypto market crash, dropping from $72 billion to $44 billion.
This brought the meme coin sector back to July levels, erasing gains made over the past three months.
While meme coins showed signs of recovery after the crash, another decline occurred last Friday, with meme coin assets dropping 9%-11% on that day.
This happened amid a "fear" sentiment that engulfed the market, wiping out nearly $230 billion in value in a single day.
Related: 10x Research: Bitcoin (BTC) treasury asset net worth collapse creates opportunities for investors
Original: “Musk Posts Photo of Pet Dog Floki on X, Meme Coin Soars 29%”
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