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YEREVAN (CoinChapter.com) — The meme coin culture doesn’t cease to amaze with nonsense rallies and Twitter-dependent hype. On Feb 22, Twitter CEO and the king of all things meme Elon Musk tweeted that he indeed “let the dogs out,” which coincided with Floki Inu, a Dogecoin-inspired crypto, rising 20%.
Which Dog Did Elon Musk Mean?
Musk is no rookie when it comes to pumping meme coins. However, the tweet below did not specify which of the dozens of dog-themed cryptos he had in mind. As Elon’s puppy Floki got a lot of attention lately as the new CEO of Twitter, the Floki Inu coin investors took the tweet below as a hint and kicked the European session off with a 20% uptrend.
The Floki Inu coin page responded to the tweet, thanking the Dogefather for his affection.
Also read: Floki Inu coin price soars 30% after Elon Musk hires his dog FLOKI as new CEO of Twitter.
FLOKI Risks Bearish Reversal
The meme coin stood at $0.000047 in the European session on Feb 22.
Meanwhile, the four-hour chart below indicates that the token retested a confluence of support in the Asian-Pacific session, and the tweet merely poured additional fuel to the fire. In detail, Floki simultaneously retested a significant support line at $0.000037, and the 100-day exponential moving average (light blue wave)
However, despite the hype-fuelled rally, the charts flashed a reversal warning, as the trading volumes have been declining since Feb 15.
In detail, dropping trading volumes could indicate disinterest among traders and lead to a subsequent bias reversal. The upcoming hours will show if FLOKI investors can hold the coin at the newly-established level, as Elon Musk “let the dogs out” again.
Also read: Floki Inu listed on KuCoin – FLOKI price pumps over 200%.
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