Bloomberg reported Tuesday that Elon Musk will be closing his deal to buy Twitter (TWTR) on Friday. Twitter stock rallied 1% on the news, but it seems meme cryptocurrencies will be the biggest beneficiaries of this news.
Dogecoin (DOGE) in particular has rallied over 20% since the news of the Twitter deal was out, and fellow meme cryptocurrencies Shiba Inu (SHIB) and Floki (FLOKI) are tracking closely behind.
DOGE, SHIB, and FLOKI are popular meme cryptocurrencies that use the Shiba Inu dog as their mascot. Elon Musk has repeatedly made it clear that Dogecoin is his favourite cryptocurrency while Floki is named after his Shiba Inu pup.
Musk once joked that he will be making Floki the CEO of Twitter because the Shiba Inu pup has good judgment:
Elon Musk’s relationship with Dogecoin isn’t hidden, and the billionaire meme lover has repeatedly made it clear that Dogecoin (DOGE) is his favourite cryptocurrency.
Musk recently announced that Tesla (TSLA) merch can be bought with Dogecoin and that it will soon be possible to use the OG memecoin to purchase SpaceX merch as well.
While Dogecoin is a popular cryptocurrency due to Musk’s support, critics have often lambasted the cryptocurrency for lacking utility. Floki is different, however.
Floki (FLOKI) is a utility-focused meme cryptocurrency inspired by Elon Musk and named after his Shiba Inu pup.
The Floki cryptocurrency was birthed after Musk tweeted that he will be naming his Shiba Inu “Floki”:
The resulting cryptocurrency (FLOKI) ended up growing to become one of the most recognized cryptocurrencies in the world with a brand recognized by billions and a massive user base of over 400,000 holders.
Unlike Dogecoin and Shiba Inu, Floki started with a heavy focus on utility. The popular meme coin is building a metaverse NFT game named Valhalla and a DeFi security protocol named FlokiFi Locker.
Floki’s FlokiFi Locker will be live on mainnet in October and is poised to serve as a major catalyst in helping the cryptocurrency grow and gain more adoption. The protocol has already locked down major partners that include the Avalanche (AVAX) blockchain’s biggest DEX Trader Joe (JOE), popular BNBChain DEX ApeSwap (BANANA), industry-leading oracle protocol Chainlink (LINK), and over a dozen other heavyweight partners before its mainnet launch.
FlokiFi Locker puts Floki in a position of strength compared to Dogecoin and Shiba Inu by combining solid DeFi utility (which institutional investors tend to like) with the meme appeal that mainstream investors tend to like.
Floki is one cryptocurrency you should pay attention to!
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