Cryptocurrency Named After Elon Musk’s Dog Rises 2,400%

Elon Musk fans created a cryptocurrency named after his dog – and it rose 2,400%.

Flokinomics, a dogecoin knock-off that started trading on Sunday, stood at $ 0.000002254 early Wednesday, according to data from CoinMarketCap. While this may not seem like much, it is a 2,400% increase in value over the previous 24 hours.

“WE $ FLOKIN DID IT,” declared a Twitter account for cryptocurrency.

Flokinomics takes its name from Elon Musk’s dog, Floki.

Floki is a Shiba Inu – the same type of dog that serves as a mascot for dogecoin, the cryptocurrency “meme” that Elon Musk promoted earlier this year.

Amid Musk’s hype, dogecoin went from $ 0.06 in early April to a peak of $ 0.74 in May. The coin then fell after Musk joked about it on Saturday Night Live and is now trading at around $ 0.26.

Tesla CEO also promoted another Shiba Inu-themed piece, Baby Doge. In July, Musk tweeted about the coin and its price more than doubled.

Musk hasn’t spoken publicly about Flokinomics – but that doesn’t stop cryptocurrency creators and fans from looking for a cry from the tycoon, which would inevitably drive its price up.

“Named after the dog elon so a tweet from elon and we’re going moon so hard !!!” wrote a user on the Flokinomics Reddit forum.

“Awesome… Do a ton of that !!” writes another.

Critics say Musk’s habit of arbitrarily sending cryptocurrencies flying poses a risk to investors.