On Monday, Elon Musk tweeted a photo of his Shiba Inu puppy with a Tesla and captioned it as “Floki Frunkpuppy.” After this tweet, the Doge-inspired tokens got a boost showing that Dogecoin is falling out of favor.
The meme-inspired crypto always seems to make headlines every now and then. Many assumed that the influence of Elon Musk had waned after his Bitcoin outbursts in May. However, his tweet shows that he still has a lot of power over digital assets even today.
Although Doge-inspired tokens got a boost with the tweet, Dogecoin fell way behind the army of clones. $SHIB topped the list with 51% gains at the $0.00000983 resistance. The second-biggest gainer is $KLAY with a 14% gain which is much less than $SHIB’s percentage gains.
This boost was not just limited to the Doge-inspired tokens; Dogecoin also enjoyed the much-needed price spike. However, its 24-hours percentage gains came in just at 9%. It sure is enough to break the 2-week resistance but isn’t as dramatic as $SHIB.
Let’s take a look at the list of top gainers! We see that 3 out of the top 5 are doge-inspired tokens, with Flokinomics acquiring a shocking 839% percentage gain in a day.
Dogecoin enjoyed the fame earlier this year because it had a fun factor encouraged by the action of sticking it to the system. However, now that it has a formalized organizational structure, it is no longer fun and nor a metaphor for nonconformity.