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

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

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

Related Topics

News and Trends

Figr Raises $250,000 In Pre-Seed Funding

In an official release the company said it plans to use the new capital to grow its engineering team and continue to evolve its product to solve different parts of the design process

Growing a Business

Want to Sound Smarter? This Stanford Professor's Simple 3-Point Technique Will Help

With a little structure, you can impress audiences with your ad-libbing all day.


Survival Kit for Solopreneurs: 5 AI Tools to Maximize Productivity

The entrepreneurial journey is not a straightforward one. Rather it requires the founder to don multiple hats for marketing, sales, ideation, content curation, and raising funds. Solopreneurs of today are being molded to lead the businesses of tomorrow. And they do require some helping hands in the form of artificial intelligence.

Data & Recovery

Get Up to Date on CISSP Security and Risk Management

Protecting your business is crucial, but you don't need to hire a full-scale IT and cybersecurity team to do it.

Starting a Business

5 Solopreneur Mindset Shifts and Why They're Critical to Your Success

As a solopreneur, don't reinvent the wheel or start from scratch. You are here because you have two things: an idea and passion.

News and Trends

Zeron Secures $500,000 In Seed Funding

The infusion of capital will be used towards fueling Zeron's ongoing research and development initiatives, advancing the frontiers of AI-powered cybersecurity, and expanding its global presence