Following Musk's tweet of a picture of his dog sitting in the CEO seat of Twitter, DOGE and Floki have experienced significant growth

Trading is booming in all areas. Shiba Inu following the posting by Twitter CEO Elon Musk of a parody depicting his dog Floki as the next leader of Twitter.

According to CoinDesk data, the price of DOGE has climbed 5.4% during the past 24 hours.

On October 27, Musk's control over Twitter ended, and Agrawal was named the new CEO. When they first met, the two were close, but as 2022 drew near, their friendship reportedly soured as Musk became Twitter's largest shareholder. On Twitter, Agrawal no longer follows Musk, but the previous CEO does.

Musk reportedly began looking for a new CEO of Twitter in December after losing an online poll on the matter.

"As soon as I find someone foolish enough to accept the CEO position, I'll resign! I'll solely be in control of the software and server teams from now on, he continued.

CoinGecko data shows that Floki, which gets its name from Musk's dog, has increased 41% during the past day.

The price of Floki soared by about 100% in January after the Floki Inu DAO, the company that produced the coin, approved a governance resolution to carry out a $100 million token burn.

Burning tokens makes sense since it reduces the supply, which, assuming demand stays the same, increases the value of each token. When it comes to cryptocurrencies, this is comparable to a stock buy-back.

It's not the first time DOGE has increased in response to an Elon Musk-related tweet. Late in January, the Financial Times reported that Twitter is working on a system to accept cryptocurrency payments, which caused the price of memecoin to soar.

According to a report released in December 2022 by blockchain analytics firm Santiment, Shiba Inu (SHIB), another meme coin, and other exaggerated rises have usually been the first sign of a market selloff.

Updated throughout (Feb. 15, 05:51 UTC).