Elon Musk tweets both Dogecoin and Floki Inu into a spike; which one will last?

Key Takeaways:

• Another Floki tweet from Elon Musk helped the Floki Inu crypto to spike 17%.
• Dogecoin followed suit and put on 7% as well.

YEREVAN (CoinChapter.com) – Elon Musk, the chief of both Tesla and SpaceX, tweeted a picture of his new puppy. That was enough to make the identically named crypto Floki Inu (FLOKI) spike 17%, but the sudden price surge subsided hours later. Dogecoin (DOGE), on the other hand, ascended 7% after idly mimicking Bitcoin for weeks and stayed there.

Floki pup for Floki Inu

The adorable puppy Floki made headlines again. However, months ago, his billionaire-entrepreneur owner would mainly pump Dogecoin with his tweets. Now it’s Floki Inu time. The coin in question is a part of the meme-coin pack that originally spawned from DOGE.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Two words from the “Dogefather” were enough for a 17% spike. FLOKI went from $0.000063 to $0.0000074 in the Asian-Pacific session Monday. However, the value slid back to $0.000054 hours ahead of the New York session after the spike. The short-lived rally led to a 27% decline.

The latest tweet is not the first time little Floki the puppy caused a crypto market hype. On September 12, Mr. Musk tweeted about his arrival and sent FLOKI coin into a three-day rocket spree. From Sep.13-16, FLOKI gained 300%.

Also read: Dogecoin (DOGE) eyes big as merchants get ready to accept cryptocurrency payments.

What about Dogecoin?

The “frunkpuppy” in the front trunk (frunk) of a Tesla car gave Dogecoin the necessary boost. The original meme-coin followed the hype wagging its tail and ascended by 7%. The DOGE/USD pair traded at $0.23 in the Monday session, breaking the pattern of mimicking Bitcoin.

As a result of the bullish price action, the meme-coin arrived at a significant support level at $0.22-0.23. If DOGE breaks above the bar, it can retest it as support and continue the uptrend. If not, Dogecoin still has a support line to fall back on at $0.20. Moreover, DOGE crossed above the 20-day exponential moving average (EMA-20; blue wave on the chart below).

If the digital asset holds above the EMA-20, the latter will support and assist the meme-coin, preventing breakdowns.

Also read: Dogecoin hype sparks a 12% gain as AMC vows to accept DOGE payments.