Santa Floki cryptocurrency surges 3,500% after Elon Musk tweet

It’s a crypto Christmas miracle. 

A cryptocurrency named after Elon Musk’s dog multiplied in value this weekend after the world’s richest man posted a photo of his cute canine on Twitter.

Santa Floki coin — named in a Christmas-themed reference to Musk’s Shiba Inu hound, Floki —surged more than 3,000 percent following a tweet from Elon Musk. It was up an additional 500 percent over the past 24 hours, according to CoinMarketCap data

On Dec. 25, Musk posted a photo of his dog wearing a Santa costume with the caption “Floki Santa.”  While Musk seems to have just been referencing the fact that his dog was wearing a costume, Santa Floki’s creators pounced on the opportunity to promote their coin. 

“@elonmusk just tweeted about us and we are humbled by this recognition!” the creators declared on Twitter

Santa Floki subsequently surged from $0.0000000129 per coin prior to Musk’s tweet to $0.000001718 on Monday. 

Like Dogecoin, Shiba Inu coin, Flokinomics and others, Santa Floki features a Shiba Inu dog as its mascot and has been propelled by social media hype. 

Proponents of these coins typically follow a well-worn strategy: name a coin after a meme such as Elon Musk’s dog — then relentlessly promote the coin online to send its price soaring. The most lucrative promotion is a shoutout from the Tesla CEO himself. 

Santa Floki has skyrocketed since Christmas.
coinmarketcap.com

Most other cryptocurrencies that have gained steam based on short term social media hype have subsequently crashed and burned.