Elon Musk caused a resonance with just one tweet again. On June 25, he posted a message on Twitter about his new pet and shared the name of his dog of the Shiba Inu breed – Floki. The message was immediately greeted with a 26% rise in the value of the Shiba Inu cryptocurrency, albeit with subsequent adjustments.

But another thing is fascinating. Nine minutes after Elon Musk posted a tweet about his dog, enthusiasts launched a cryptocurrency token of the same name on the Uniswap decentralized crypto exchange. In just an hour, its price rose 795% to $0.000000001100. In just 24 hours, the Floki cryptocurrency has grown in price by 3500%, making its creators millionaires.

Thailand SEC Banned Meme Coins and NFT Trading
The regulatory action mainly targets meme coins such as Dogecoin (DOGE), which started out as a cryptocurrency joke. Exchanges have now asked to remove coins from this category along with utility tokens, NFTs, and other social tokens for 30 days.

This time, it is difficult to accuse Musk of manipulating the cryptocurrency market, but it so happened historically that each of his messages, which at least indirectly concerns this market, can cause a stir in the cryptocurrency market.