The Viking dog-themed memecoin FLOKIi exhibited a sharp but short-lived double-digit rally
after a single tweet from Elon Musk, drawing renewed attention from traders.
On October 20, Musk’s tweet, “Floki is back on the job as X CEO,” along with a Grok-generated video of a Shiba Inu dog, stirred fresh interest in the memecoin within the crypto community.
https://x.com/elonmusk/status/1980216257069945132
Musk’s tweet influenced FLOKI to record a price surge of over 32.7% from $0.0000665 to a high of $0.0000883. Like Dogecoin, this isn’t the first time the token has rallied in response to a Musk tweet. In February 2023, he jokingly named the Shiba Inu dog “Floki” as X’s (formerly Twitter) new CEO after stepping down. This triggered a triple-digit price rally.
FLOKI’s reversal: from top gainer to top loser
During its surge phase (before the crash), FLOKI briefly topped the list of 24-hour gainers. The global cryptocurrency market is down 3.1%, with Bitcoin and Ethereum in red strides after a 3–4% price drop, while FLOKI was the only token rallying more than 5%.FLOKI on Top Crypto Gainers (During rally). Source: CoinMarketCap
The rally, however, was short-lived. The memecoin dropped from the top gainer spot to join the top losers. At the time of publication, FLOKI registered a 6.8% drop over the last 24 hours and traded at $0.00007405. Its daily trading volume, which peaked at $673.79 million after an 807% increase during the rally, has now declined to $442 million.
FLOKI on Top Crypto Losers (After crash). Source: CoinMarketCap
Despite being short-lived, the brief rally lifted 9.54 trillion FLOKI tokens in circulation to a market cap of $712.4 million.
FLOKI’s 24-hour highs do not surpass the previous highs FLOKI reached in the first week of October. The current price is 32% below its recent high. According to CoinMarketCap, the memecoin hit a high of $0.0001155 on October 4, reaching a market capitalization of $929.9 million.
While Floki had a rally-to-crash transition, other popular memecoins are in decline. At the time of writing, Dogecoin is down 3.2% over the past 24 hours, trading around the $0.19 range. Shiba Inu (SHIB) has dropped 2.83% to $0.000009910, while PEPE is down 4.46%, trading at $0.0000069.
The rapid reversal in FLOKI’s momentum highlights how quickly sentiment can swing in the meme coin space.
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