Memecoin saw huge growth after Musk tweet

The Santa Floki (HOHOHO) coin has thus benefited with a three-digit increase since the tweeted picture. At the time of going to press, the Memecoin had risen by almost 600 percent compared to the previous day and was currently trading at around $ 0.00000157. From a weekly perspective, the token can impress even more. Over the past seven days, Santa Floki has grown 6,253 percent. However, the token is currently almost 20 percent below the all-time high that was reached this morning.

“We are more than just a dog coin”

The project tries to benefit from Musk’s reach and influence in the crypto space, but also to set itself apart from conventional memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB). According to Santa Floki, the main goal of the project is to become “the biggest charity with BUSD rewards at the BSC”.

With a tweet, the Memecoin account commented on an article that referred to it as a “dog coin” and claimed that the project was “more than just a dog coin”. Because of the 14 percent of “taxes” – that is, transaction fees – 1 percent should go to the non-governmental organization Save the Children to be donated.

Behind the founding of the Memecoin is the Parabolic 8 development team, which has only been active since 2021. That published Whitepaper but is more like a superficial Powerpoint presentation. In addition, it is not transparent who is actually a member of the developer group.

It is uncertain whether the Tesla boss wanted to actively support the Memecoin with his tweet or just show his puppy Floki on display.