New Crypto, The Flokinomics Experiences 2400 Percent Increase In 3 Days, Will Skyrocket Again If Elon Musk Tweets

JAKARTA – Fans of Elon Musk have created a cryptocurrency named after his dog, which is now experiencing a price increase of up to 2.400 percent.

Flokinomics, a dogecoin clone that started trading on Sunday, October 3, was priced at 0.000002254 on Wednesday morning October 6, according to CoinMarketCap data. While that may not sound like much, it's a 2.400 percent increase in value over the previous 24 hours.

“WE $FLOKIN DO IT,” said the Twitter account for the cryptocurrency. Flokinomics is named after Elon Musk's dog, Floki.

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

Amid the hype from Musk, dogecoin jumped from $0.06 in early April to a peak of $0.74 in May. The coin later dropped after Musk joked about it on Saturday Night Live and is now trading at around $0.26.

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

Musk hasn't spoken publicly about Flokinomics. But that hasn't stopped cryptocurrency creators and enthusiasts from luring screams from the mogul, which is sure to send the price skyrocketing.

“Named after Elon's dog so one tweet from Elon and we are going so moon!!!” wrote one user on the Flokinomics Reddit forum.

“Amazing… Making a ton of this!!” writes another.

Critics say Musk's habit of arbitrarily sending cryptocurrencies presents investors with risks.