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Elon Musk's Shiba Inu 'Floki' Gets Cryptocurrency Token Named After Him

Photo showing Elon Musk's new Shiba Inu pup, Floki. Smaller screenshot shows 'Floki Inu coin' from the website.

Photo showing Elon Musk's new Shiba Inu pup, Floki. Smaller screenshot shows 'Floki Inu coin' from the website.

Floki, although just a pup right now, already has a cryptocurrency named after him. 'Floki Inu' identified with the moniker 'FLOKI' listed on CoinMarkedCap.

It’s 2021 and Elon Musk stans have really peaked. In June, Elon Musk, Tesla CEO and SpaceX boss had announced he was getting another pet dog: This time it was going to be a Shiba Inu. Later that month, he shared the name of his future pet: ‘Floki.’ Even before Musk got the dog, Floki enjoyed almost celebrity status, partly because Musk’s love for the Shiba Inu came from the cryptocurrency he’s been rooting for: Dogecoin. Dogecoin started as a joke. In early 2021, however, the joke appeared to have turned on those who didn’t take the meme cryptocurrency seriously. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. his is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and one of the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents.

In the early hours of September 13, Musk posted an update - a photo of his new puppy: Floki. Following Musk’s tweet, Dogecoin recorded a +0.36% change in the last 24 hours, with the rise in value, coinciding with the same time Musk posted the tweet 3:50 AM (GMT +5:30). Dogecoin was not the only cryptocurrency that jumped - Baby Doge Coin, a spinoff of Dogecoin, also recorded a +1.80% in the last 24 hours according to CoinMarketCap.

But that’s not all: Floki, although just a pup right now, already has a cryptocurrency named after him. ‘Floki Inu’ identified with the moniker ‘$FLOKI’ listed on CoinMarkedCap soon after. The current value of the coin at the time of writing this (11:04 AM IST) is $0.00003506, with an 11.43% increase in the last 24 hours. Floki Inu describes itself as ‘the new community-owned meme coin.’ The description of the coin reads, ‘Floki Inu is one brave puppy. A new crypto coin birthed by fans & members of the Shiba Inu community. Floki Inu is Elon Musk’s very own shiba inu and he’s hungry for outer-space treats! He’s hyper-deflationary and built to reward you, so more Floki Inu coins are added to your wallet with each transaction. This lil puppy is a space explorer - simply love, pet, and watch your Floki Inu fly to Mars!’

The website for Floki Inu also says currently, there are ‘40,000+’ holders of the cryptocurrency token: something the site also says is rewarded. “FLOKI has been designed to be a deflationary token which rewards you simply for holding!" explains the official website for the cryptocurrency. The statistics also claims that “Floki Inu has a total circulating supply of 9.21T $FLOKI across the ETH & BSC chain combined and has a total circulating market cap of $314.81M across the ETH and BSC chains." The icon for the token is the face of a Shiba Inu wearing a small viking helmet.

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While some Elon Musk stans have started a whole cryptocurrency for his dog, there’s also been a chunk of Musk fans in recent times who’ve jumped ship, tired of Musk’s constant tweets to ‘manipulate’ the prices of cryptocurrency like Bitcoin and Dogecoin. Infact they too, have started a new cryptocurrency, which is very literally what they want Musk to do - stop. Over the weeks, the response to Musk’s tweets has become increasingly negative - with people blaming him solely for the rise or dip in prices, saying it cost them a loss and he’s ‘manipulating’ markets. Some took this a step further - by making a cryptocurrency solely dedicated to stopping Musk: $StopElon.

The currency created on the blockchain Binance Smart Chain, is currently trading at $0.0000602143 with a market capitalisation of nearly $30 million, according to Poocoin. The official website for the token reads, “a community created to take over Tesla and stop the biggest market manipulator of them all."

It further explains why Musk’s behaviour is fault: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again, causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It’s ridiculous!

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first published:September 14, 2021, 11:37 IST