Fans of Elon Musk created a cryptocurrency named after his dog — and it’s up 2,400 percent.
According to data from CoinMarketCap, Flowcoins, a Dogecoin knockoff that began trading on Sunday, was moving to $0.000002254 early Wednesday. While this may not sound like much, it is a 2,400 percent increase in value over the past 24 hours.
“We did it $FLOKIN,” declared A Twitter account for cryptocurrency.
Flokinomics is named after Elon Musk’s dog Floki.
Floki is a Shiba Inu – the same kind of dog that serves as the mascot for Dogecoin, the “meme” cryptocurrency that Elon Musk famously promoted earlier this year.
Amid Musk’s hype, Dogecoin rose from $0.06 in early April to a peak of $0.74 in May. The coin dropped after Musk joked about it on Saturday Night Live and is now trading at around $0.26.
The Tesla CEO has also promoted another Shiba Inu-themed coin, the Baby Doge. In July, Musk tweeted about the coin more than double its price.
Musk hasn’t spoken publicly about Flokinomics — but that’s not stopping the crypto’s creators and fans from shouting at the mogul, which will inevitably drive up its price.
“A tweet from Elon in the name of Elon’s dog and we will work so hard!!!” A user wrote on the flokinomics reddit forum.
“Awesome… making it a ton!!” Wrote another.
Critics say Musk’s habit of sending cryptocurrencies flying arbitrarily presents a risk to investors.