Elon Musk, the CEO of Tesla and one of the wealthiest people on the planet, recently caused a spike in the price of the meme-inspired cryptocurrency FLOKI after he uploaded a photo of his dog dressed as the new Chief Executive Officer of Twitter. Other memecoins, such as DOGE, SHIB, and BABYDOGE, also saw a modest increase in value. Musk had previously vowed to appoint a new CEO of Twitter and the crypto community was quick to suggest his pet as a suitable candidate. The Shiba Inu breed is named Floki, and the token bearing its name saw a 41% increase in value compared to the day before. This isn’t the first time Musk has caused a surge in memecoins. In 2021, he dressed his dog in a Santa Claus outfit, prompting the introduction of a new coin called Santa Floki (ticker: HOHOHO). It surged by nearly 19,000% in the next 48 hours before plunging shortly after. Musk’s actions have demonstrated that he is well aware of the power of memecoins and their potential to increase in value.