One image was all it took for Elon Musk to reignite the meme coin market. The billionaire entrepreneur shared a photograph of his Shiba Inu, Floki, depicted in a business suit behind a desk with the caption: “Flóki is back on the job as X CEO!”
The post quickly went viral, causing the FLOKI token, which is inspired by Musk’s pet, to surge by more than 20%, reaching $0.00008043 according to TradingView data. Trading activity saw a significant increase, with the token briefly claiming the top spot on CoinGecko's trending list. Derivatives volume jumped by 663% to $283 million, and open interest climbed by 165% to $37 million, as reported by Coinglass.
Musk Reawakens the Dog Coin Hype
This incident is not the first time Musk's tweets have caused significant shifts in the cryptocurrency market. His previous posts featuring Floki have historically led to sharp rallies in dog-themed tokens, including Dogecoin and Shiba Inu. This latest event highlights the persistent dominance of his influence over meme coin sentiment in 2025.
Flōki is back on the job as 𝕏 CEO! pic.twitter.com/Zu29Dos24r
— Elon Musk (@elonmusk) October 20, 2025
The official X account for FLOKI swiftly responded to the development, proclaiming the token as “the people’s crypto.” The team also emphasized key achievements, such as the launch of its European ETP and its recent listing on Robinhood, presenting these as indicators that the project is maturing beyond its meme origins and establishing itself as a legitimate participant in the broader cryptocurrency ecosystem.
As traders actively position themselves to capitalize on the renewed enthusiasm, Musk's post once again demonstrates a fundamental truth of the crypto market: a single meme can still significantly impact market dynamics.