Elon Musk’s X ‘CEO’ Tweet Sparks 29% FLOKI Memecoin Rally
Elon Musk’s playful post on X naming his Shiba Inu Floki as ‘CEO’ triggered a 29% surge in the Floki memecoin. CoinGecko data shows FLOKI jumped from $0.00006572 to $0.00008469 before settling near $0.00007998, lifting its market cap above $800 million and marking a ten-day high. This follows earlier Musk-driven rallies, including a 20,000% spike in December 2021 and double-digit gains in February 2023, and mirrors his influence on Dogecoin (DOGE), which led to a dismissed 2022 lawsuit. The meme coin sector has been volatile, shedding nearly 40% of its value on October 11 and another 9–11% last week amid broader market fear. Traders should watch social media catalysts like Musk’s X tweets for potential short-term trading opportunities in memecoin markets.
Bullish
The 29% price surge following Musk’s CEO post on X is a clear bullish signal for the Floki memecoin. In the short term, traders may chase the momentum and capitalize on social media-driven volatility. This pump echoes past rallies where Musk’s tweets triggered rapid gains, suggesting similar short-lived spikes could recur. Long term, however, the memecoin’s trajectory hinges on sustained community interest and broader market sentiment. The recent large-cap correction highlights underlying risks. Nonetheless, the immediate impact is positive, warranting a bullish stance for FLOKI in the near term.