Floki Crypto Jumps 25% & Reached Weekly High After Elon Musk Tweet: Will the FLOKI Momentum Last?

Elon Musk, the CEO of Tesla, SpaceX, X, and Neuralink, posted a video on October 20 (Monday), which led to an unprecedented price jump of FLOKI crypto, which is a multichain cryptocurrency that started as a meme coin and evolved into a “utility memecoin“. FLOKI displayed a 25% surge after the social media hype, followed by Musk’s post; the video featuring his dog Floki in a suit at the X CEO desk has created big hype and attracted a lot of attention. 

The FLOKI token price jumped from $0.00006909 to $0.00008831, with a significant 627% increase in trading volume. The official X post from Elon Musk skyrocketed FLOKI’s market cap from $660 million to over $800 million within a short period of time. The ongoing price rally helped Floki recover some of its losses suffered on October 10 due to the major crash that resulted in the entire crypto market crash.       

FLOKI is 5.5% up today, and the experts opine that the price rally was entirely driven by multibillionaire Elon Musk’s social media influence. Some previous posts from Musk also ignited social media trends, leading to FLOKI’s price spike. Floki crypto’s market momentum suddenly changes within a few minutes after Elon Musk posted his dog’s video sitting comfortably on the X’s CEO chair.      

“Flōki is back on the job as X CEO!” Elon Musk wrote, after sharing a Grok-generated video through his X account

Crypto analyst BlackThorn stated that Elon Musk’s announcement naming FLOKI as the new CEO of X sent waves through the meme coin market. He noted that it spiked more than 25% in a matter of hours, while liquidity across BSC rose rapidly. He remarked that what was interesting was how that single event reignited attention across the broader meme ecosystem, with Dogecoin, Shiba Inu, and related tokens all seeing volume increases. He emphasized that it was a reminder that crypto’s culture, including memes, communities, and social media moments, continued to shape market psychology more than traditional indicators.

Will the Current Floki Crypto Momentum Last?

The concerns regarding FLOKI’s current momentum and discussions related to its longevity are serious in the meme coin sector. Meme coin price rallies are generally momentary and do not sustain for a long period of time, so the case of FLOKI is not an exception. The meme coin is expected to end its unprecedented price rally once the social media trend is over. But the serious cross point that eliminates this pronouncement is that investors are actively monitoring the development of Floki’s ecosystem, and the sustainable development provisions of the Floki ecosystem attract renewed investor attention.    

Expert market analysts claim that FLOKI is currently showing a falling wedge pattern, which signals an upcoming pause in the uptrend. Market momentum indicators such as MACD, currently tightening below zero, signalling a possible crossover that could confirm extended price gains. According to the experts, FLOKI’s key resistance level sits around $0.00011, and the token is unlikely to continue the momentum if it decisively closes above $0.00015. They opine that FLOKI’s support near $0.0005 fails, we could see the price reverse toward $0.00004. 

Prominent analyst CryptoPulse posted on X that FLOKI had lost its trendline support on the weekly timeframe and was now retesting it from below.

He mentioned that if the price could reclaim the trendline and close above $0.00009, it could rally toward the $0.00011 zone. However, he cautioned that if it failed to reclaim, there was a chance of further downside, with the next key support around $0.00004.   

Disclaimer: The information provided in this article is for educational purposes and does not contain any financial advice. Consult a financial advisor before investing in crypto.

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