Elon Musk has once again demonstrated his ability to move markets, not just on Wall Street but in the world of meme cryptocurrencies.
After posting an AI-generated video featuring a business-suited Shiba Inu named Floki, humorously portrayed as the CEO of social platform X, traders rushed into the Floki Inu token. The coin surged nearly 30%, while trading volumes exploded by more than 500%, underscoring the potent blend of meme culture, Musk’s influence, and speculative fervor.
Musk’s caption, “Floki is back on the job as X CEO,” was enough to send crypto Twitter into overdrive. The post amassed 3.8 million views within hours, offering yet another reminder that few figures command crypto investor sentiment like the Tesla and SpaceX CEO.
According to analysts at CoinGecko, the rally is a textbook example of the “Musk effect”—sharp, speculative, and typically short-lived. Despite the spike, Floki Inu remains below key moving averages, with long-term sellers largely in control. However, in the meme-coin universe, fundamentals take a back seat to headlines, and for many retail traders, such volatility is part of the appeal.
Meanwhile, Musk recently declared Bitcoin the crypto asset of the decade. This comment pleased long-term holders, but it did little to diminish his enduring influence over the meme coin landscape.
