Elon Musk’s Dog Floki “Takes Over” X — Memecoin Soars 29% in Minutes

Elon Musk lit the memecoin sphere again with a single playful tweet. On Monday, Musk shared a post of Floki, his pet Shiba Inu dog, sending the Floki memecoin surging nearly 29%.

The post was an AI-generated video of his dog sitting at a desk, donning a tie and glasses, saying

"Numbers, numbers, numbers, numbers? Is this working? Yay."

According to CoinGecko, FLOKI’s price spiked from $0.00006572 to $0.00008469 within hours of the post, marking a 28.8% intraday jump before settling slightly lower around 0.00007998.

The rally underscored Musk’s continued influence over the speculative memecoin market, where humor and hype often outweigh fundamentals.

Musk’s Ongoing Impact on the Memecoin Market

This isn’t the first time Musk’s antics have shaken up crypto markets. His long-standing association with Dogecoin (DOGE) famously triggered multiple bull runs, from a simple tweet to a brief Doge logo swap on X that once sent DOGE’s price soaring.

In 2022, Musk faced a class-action lawsuit accusing him of manipulating Dogecoin’s price through social media influence. The plaintiffs later withdrew the case in November 2024, but the incident solidified Musk’s reputation as crypto’s most unpredictable market mover.

While Musk’s post brought a brief spark of enthusiasm, the memecoin sector has struggled in recent weeks amid broader market downturns. According to CoinMarketCap, the market cap of leading meme tokens fell nearly 40% during the October 10 crash—from $72 billion to $44 billion—wiping out months of gains.

Although prices showed a slight rebound, a second selloff followed days later, with most memecoins slipping another 9–11% as fear sentiment spread through crypto markets, erasing roughly $230 billion in total value in a single day.

Still, Musk’s latest post suggests one thing hasn’t changed: his uncanny ability to move markets with a meme.