Elon Musk caused the FLOKI rally after posting a new video on social media. Demonstrating Grok’s video-generating capabilities, Musk employed Floki as his unofficial mascot.
Although FLOKI recently rallied after listing on a European ETP, the Black Friday crash erased all of those gains. The 30% growth after Elon’s post contributed greatly to the token’s rebound.
Elon provokes the FLOKI rally
Elon Musk has had an explosive impact on the coin industry, with his trading decisions and social media posts spurring huge token movements.
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Today was no different, as Elon released a new video featuring Floki the mascot, causing a dramatic increase in associated assets:
Specifically, Elon released this Floki video to demonstrate Grok’s AI-generated video capabilities. He’s also caused coin rallies by teasing these features in development, but it looks like X won’t be splitting the Grok videos into a separate app just yet.
Chaotic price fluctuations
Either way, Elon’s post was a huge boon for FLOKI, the meme coin. The token crashed hard after crypto’s Black Friday earlier this month, and it remained stagnant until today.
However, with this new position, FLOKI grew by around 30%, recovering much of the gains lost during the crash:
In other words, if Elon Musk continues to show interest in Floki in this way, it could spark a broader rally. Earlier this month, a FLOKI ETP launched in Europe, giving the token a significant boost. The Black Friday crash wiped out all those gains, however, and Elon appears to be the best hope to reverse the trend.
Of course, Elon’s social media posts might not provide a reliable boost for FLOKI in the long run. It is impossible to predict which token it will focus on; Although CZ shows persistent support for several projects, Musk’s endorsements are often momentary.
Whatever happens next, this has been a big boost for FLOKI. Hopefully the project will continue to capitalize on its moment in the spotlight.
