Musk Video Sparks Floki 24–29% Rally

Elon Musk reposted an AI video joking that his Shiba Inu Floki was “back on the job” as CEO of X, a viral nod that reignited retail and social momentum for the Floki memecoin. Reports showed the token jumped roughly 24–29% to about $0.000082–$0.000085, with data indicating a market cap near $795 million and 24‑hour volume around $299 million. Coinglass recorded roughly $4.07 million in net inflows the same day, and technical indicators registered a break above the 20‑day EMA, prompting traders to eye higher resistance if the breakout holds. Observers said the episode highlights the persistent “Musk effect,” where personality-driven posts — rather than fundamentals — trigger outsized, short‑term moves, and experts warned such spikes can be short‑lived and raise concerns about market manipulation. The pop followed recent turbulence in the sector, with memecoins plunging nearly 40% on Oct. 11 and suffering further sell‑offs around Oct. 17, underscoring the fragility of hype-driven markets.