Elon Musk Causes FLOKI Frenzy with Playful X Post

The price of FLOKI shot up nearly 29% in a matter of hours after the post. Meanwhile, the Dogecoin Foundation’s commercial arm, House of Doge, made headlines by acquiring a majority stake in Italy’s historic football club US Triestina Calcio 1918. The move was made  to integrate Dogecoin payments into match-day operations and to expand the coin’s real-world utility.

Playful X Post Sends FLOKI Higher

Elon Musk once again sent shockwaves through the meme coin market this week after a lighthearted post on his social media platform X triggered a sharp price rally. On Monday, Musk shared an AI-generated video featuring his Shiba Inu dog, Floki, declaring that the pup was “back on the job” as CEO of X. In the short clip, Floki is dressed in a tie and glasses, and playfully mutters, “Numbers, numbers, numbers, numbers? Is this working? Yay.”

Almost instantly after the post, the price of the Floki (FLOKI) meme coin surged by almost 29%. The token climbed from a daily low of $0.00006572 to a high of $0.00008469 before correcting slightly to around $0.00007625. The move certainly proved that Musk still has influence over speculative corners of the crypto market, especially meme coins, which often trade more on hype and community enthusiasm than on fundamentals.

FLOKI’s price action over the past 24 hours (Source: CoinMarketCap)

This latest episode adds to Musk’s long history of causing volatility in the meme coin space. His past tweets, jokes, and even temporary changes to X’s logo previously fueled massive rallies in Dogecoin (DOGE), the original meme-inspired cryptocurrency. 

Musk’s close association with Dogecoin even led to a 2022 class-action lawsuit that accused him of manipulating its price through media appearances and social media activity. That case was ultimately withdrawn in November of 2024, but it shed some light on  just how powerful his market influence can be.

The timing of Musk’s latest post also happened as the meme coin market struggled to recover from a series of sharp sell-offs earlier this month. Data from CoinMarketCap showed that on Oct. 11, the sector’s total value plunged by close to 40%, from $72 billion to $44 billion due to a wider crypto market crash. 

Although meme coins briefly rebounded, another wave of selling hit on Friday. Nearly $230 billion in overall crypto value was wiped out that day, but Musk’s viral post appears to have temporarily reignited optimism by reminding traders that even one tweet from him can still move markets.

Dogecoin Buys Stake in Football Club

In other meme coin-related news, the Dogecoin Foundation’s commercial branch, the House of Doge, took a major step into European sports by acquiring a majority stake in US Triestina Calcio 1918, one of Italy’s oldest football clubs. The move was announced Monday, and is Dogecoin’s boldest venture into professional football. 

Partnering with Brag House Holdings, Inc., the House of Doge became the “largest equity holder” in Triestina and plans to inject fresh capital into the struggling team to help fund football operations and community programs.

According to the announcement, the investment was made to introduce modern crypto integrations into the club’s operations, including enabling Dogecoin payments for tickets, concessions, and merchandise during home matches. The House of Doge said the initiative will also help create a “modern payments structure” that enhances the match-day experience, supports the club’s financial stability, and expands the real-world use of Dogecoin. If successful, the partnership could give the meme coin more visibility among millions of football fans who watch Italy’s top-tier Serie A matches each week.

Triestina was a founding member of Serie A in 1929, and spent decades in the lower divisions. In fact, it has not played in the top flight since 1958. The team currently sits at the bottom of Serie C and faces the risk of relegation to Serie C2, which is just one level above semi-professional football. The capital infusion from the House of Doge could therefore be vital in reviving the club’s fortunes both on and off the pitch.

US Triestina Calcio 1918

The acquisition forms part of a growing trend of crypto firms investing in traditional sports to build brand recognition and utility. Solana-based Brera Holdings owns several clubs across Europe and beyond. For Dogecoin, this partnership is the latest in a series of efforts to expand its ecosystem. 

Earlier this year, the House of Doge collaborated with IndyCar driver Devlin DeFrancesco and Rahal Letterman Lanigan Racing during the Indianapolis 500. DeFrancesco received part of his salary in DOGE and made a charitable donation in the same token. The organization also recently revealed plans to merge with Brag House Holdings to pursue a Nasdaq listing.