FLOKI, an Ethereum-based meme-coin, skyrocketed overnight, increasing its value by 62% in 24 hours, according to CoinGecko data.
The impressive rally began when Elon Musk tweeted a photo of his dog, also named Floki.
In the past, Dogecoin’s price has risen whenever Musk has tweeted about his longtime favorite cryptocurrency, the original doge-inspired token. When he combined his fondness for the proof-of-work (PoW) coin into a sketch during his performance on Saturday Night Live almost two years ago, he even managed to cause DOGE’s price to fall.
However, Dogecoin only gained about 2.7% today as a result of the tweet. Shiba Inu (SHIB), another doge meme parody that frequently rises and falls in tandem with Dogecoin, posted a 4.8% overnight rally as well.
Given that Musk’s most recent tweet did not specifically mention Dogecoin, it may be too early to tell if FLOKI has replaced Dogecoin as the go-to memecoin to pump whenever Musk tweets about dogs.
However, FLOKI’s price has increased 418% in the last 30 days, compared to Dogecoin’s meager 7% increase during the same period.
Floki is riding the meme
Floki DAO, a decentralized autonomous organization that makes collective decisions about the token, voted last month to burn (remove from circulation) nearly 5 trillion FLOKI tokens, which were worth $100 million at the time.
Due to the fact that FLOKI tokens were never included in the circulating quantity, the decision had no effect on the price or availability of FLOKI. Instead, they were imprisoned in a bridge connecting BNB Chain and Ethereum.
In order to offer liquidity for transactions between the two blockchains, they were seeded there.
The decision to remove the Ethereum-BNB Chain came amid increased security concerns about cross-chain bridges, which were the targets of massive hacks last year, including the historic Ronin bridge heist, which stole $622 million from crypto video game project Axie infinity.56.