Binance founder CZ reveals the name of his dog.

Binance Founder CZ Reveals His Dog’s Name – Meme Coin Hype Breaks Out

Binance founder Changpeng Zhao (CZ) is once again causing a stir on X (formerly Twitter) with a detail from his private life. CZ lets the world know that his new dog’s name is Floki, thereby igniting hype around the meme coin FLOKI.

In the crypto scene, attention is being excited about a story that combines the name of a dog, a meme coin, and Binance founder Changpeng Zhao (CZ). CZ shared with a tweet a photo of his new pet, which he got from an animal shelter, and this is leading to new trading activities for the meme coin FLOKI since the dog is called Floki and the meme coin bear the same name.

The meme coin FLOKI was originally inspired by Tesla boss Elon Musk. He had aptly named his new Shiba Inu puppy Floki. Musk’s X posts on Floki starting in the fall of 2021 helped contribute to FLOKI achieving temporary price increases. Meme coins are known in principle to react sensitively to publicity, the cases of Dogecoin (DOGE) and Shiba Inu (SHIB) are textbook examples.

Now CZ lets his about 8.2 million followers on X participate in a surprise from his life: the Binance boss informs us that he has adopted a new young dog from an animal shelter and named it Floki. In doing so, CZ big-heartedly shares a photo of the puppy and the results are immediately visible in the crypto market. The price of FLOKI, which runs as an ERC-20 token on the Ethereum (ETH) blockchain, increased by about 6% to $0.000018 in a short time.

The latest records from Coinmarketcap, an independent measurement, show once again how social media activities in the crypto market can unleash forces. To be observed also: The motto of the meme coin Floki under the conditions of such coincidental attention has primarily resulted in interest from speculators and short-term investors. Already a few hours after CZ’s announcement, the price of FLOKI began to fall again.

Investors should always remain aware that meme coins like FLOKI inherently lack sustainable business ideas and attractive real-world use cases. Therefore, they are basically only considered by experienced traders for speculative purposes. The market position of FLOKI is currently at number 115 with a market capitalization of around $175 million. At its best, FLOKI had a price of around $0.00034 in February 2023.