The price of the Floki memecoin surged nearly 29% following a whimsical post by entrepreneur Elon Musk on his platform X. In the video, Musk’s Shiba Inu dog, Floki, was humorously referred to as the ‘CEO’ of X.

On Monday, Musk shared a post featuring an AI-generated clip of his dog at a desk, wearing a tie and glasses, humorously stating, “Numbers, numbers, numbers, numbers? Is this working? Yay.”

Floki the dog Source: Elon Musk

According to CoinGecko, the price of Floki (FLOKI) fluctuated from $0.00006572 to $0.00008469 due to Musk’s post, marking a remarkable increase of 28.8%. However, the asset later adjusted to $0.00007998.

This incident underscores Musk’s significant impact on the memecoin sector, which is largely influenced by public sentiment and trends.

Elon Musk’s Impact on Memecoins

This isn’t Musk’s first engagement with memecoins; he previously influenced price movements in Dogecoin (DOGE) through tweets and other public interactions. Notably, a class-action lawsuit in 2022 accused him of manipulating DOGE’s price, which was eventually withdrawn.

Market Conditions

Despite the recent surge, the memecoin sector faced challenges with a nearly 40% reduction in market value as reported on October 11. This decline coincided with a broader crypto market downturn.

As the market attempts recovery, fluctuations continue to characterize the memecoin space.