Elon Musk's Tweets Send Two Dog-Themed Altcoins' Prices Up

Tesla CEO and tech billionaire Elon Musk's tweets Monday about his favorite cryptocurrency Dogecoin saw the prices of DOGE and another meme coin FLOKI surging.

In his tweet, Musk promised that he would upload the picture of his Shiba Inu dog named Floki. This was after a Dogecoin developer who goes by the name cb_doge commented on the Tesla CEO's tweet showing a picture of himself and his son X with the same haircuts to share a photo of X and his puppy.

The tech billionaire complied and shared a video of X and their three dogs, including the Shiba Inu named Floki, with a caption, "X heart Doges," seemingly alluding to the meme coin DOGE. In one of his Tweets, Musk said he would show "Floki pic tomorrow."

The crypto token Floki Inu saw a price surge of 32% over the past 24 hours following Musk's tweets from $0.00001308 to $0.00001733. Dogecoin also saw a price surge, but it's just a meager 1.63%, from $0.06834 to $0.06947.

Floki, despite not being supported by Musk, invested heavily in promotions to make its name known in the industry dominated by Bitcoin. Famous boxer Tyson Fury previously appeared wearing a shirt with a Shiba Inu dog wearing a Viking helmet, which is the meme coin's symbol.

Dogecoin is the world's first dog-themed meme coin that became popular because of the Tesla CEO. It reached an all-time high price of $0.7376 after Musk promoted it on SNL last May 8, 2021. Meanwhile, Floki Inu is a clone of DOGE and another popular altcoin Shiba Inu, but unlike the two, it inclines the Viking theme.

Originally, Dogecoin and other altcoins were developed for fun, but over the years, they have evolved and now have a lot of use cases, including a means of payment. Musk has stood by DOGE over the years and has always been credited for the meme coin's price surge.

As of 5:35 a.m. ET on Tuesday, FLOKI was trading down 4.83% at $0.00001493 with a 24-hour volume of $8,982,490 while DOGE was trading down 4.98% at $0.06588 with a 24-hour volume of $405,576,338 based on the latest data from CoinMarketCap.