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DogeCoin Blows Up After Elon Musk Tweets Photo of his Dog in Twitter CEO Chair DogeCoin soared approximately 5.4 per cent over the past 24 hours following the tweet

By Saptak Bardhan

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Elon Musk on Wednesday posted a meme involving his dog, Floki posing as the new CEO of Twitter.

Following the acquisition of Twitter on 27 October, Musk replaced Parag Agarwal as CEO of Twitter. There have been reports of a sour relationship between the two following the former's U-turn to join the Twitter board and his decision to take Twitter private.

He has been the CEO ever since the firing of Agarwal and has stated that he would resign as soon as someone takes the job.

DogeCoin soared approximately 5.4 per cent over the past 24 hours following the tweet. According to CoinGecko data, Floki,, a crypto named after Musk's Shiba Inu has soared by 41 per cent in the last 24 hours following the tweet.

In January, Floki's price rallied almost 100 per cent after the Floki Inu DAO, the group behind the coin, passed a governance resolution to do a $100 million token burn.

The logic behind burning tokens is that it decreases supply, which would subsequently add value to each token provided the level of demand remains the same which is similar to a stock buy-back in the crypto world.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
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