A brand-new cryptocurrency made the headlines across the sphere due to its astonishing skyrocketing move after a tweet made by the eccentric billionaire and Tesla’s CEO, Elon Musk.

Of course, we’re talking about Santa Floki Coin (HOHOHO), whose price soared by over 18,840% in a couple of days ahead of the end of 2022.

The token surged from $0.000000012935 to a new all-time high of $0.00000245, according to data from CoinMarketCap.

Since then, the optimism around the coin as often happens with the sudden spikes that follow such patterns, faded away, and HOHOHO retraced back to exchange hands at around $0.0000002049 as of press time.

Who Are The Creators

According to Santa Floki’s official website, the coin was developed by Parabolic’s Development Team, which was established with the objective to produce “strong projects, offering the investor peace of mind.”

On November 16, 2021, it began a presale across social media platforms and the website, accompanied by official audits and an NFT launch.

The team behind the token also developed a personal wallet and announced a 3D metaverse gaming project, including major partnerships. However, the development team hasn’t given enough information on whether there are more plans for 2022, aside from growing the community of holders.

HOHOHO coin was developed under Binance Smart Chain (BEP20) blockchain, and it has a fully diluted market of over $2.5 million as of press time, according to CoinMarketCap. As per the rewards, the website says:

“(…) as a matter of fact, the contract is designed to allow 4% of all BUY/SELL transactions to be rewarded back to the holders of SantaFloki in the form of BUSD.”

Where Can I Buy Santa Floki Coin

Santa Floki can be bought via cryptocurrency exchanges like PancakeSwap and LATOKEN. The website also notes that HOHOHO can be acquired via Trust Wallet and Metamask.

Elon Musk and Santa Floki: Is He Endorsing the Coin?

As highlighted above, the Santa Floki coin price pumped strongly before the end of 2021 due to a tweet from Elon Musk, where he published the picture of a dog dressed in a Santa Claus outfit, accompanied with the text “Floki Santa.”

Floki Santa pic.twitter.com/y3CTq16bGi

— Elon Musk (@elonmusk) December 25, 2021

It’s not clear if Tesla’s CEO bought the cryptocurrency or not, as somebody could infer that after the cryptic tweet crossed the wires.

In fact, the creators of Santa Floki thanked Musk for the “recognition” granted through the tweet, although the billionaire never replied nor continued with the saga in other tweets to confirm if he’s legitimately endorsing the project.

@elonmusk just tweeted about us and we are humbled by this recognition! We will do a lot of good in the world!

Elon, is this a good prediction?

Join our TG now! https://t.co/egfulyLBfp

Buy only the true #santafloki contract 0xb8a5e028f833F08A29564ded368b4CaCB4e18FF5 pic.twitter.com/xWf6uTpQ98

— Santa Floki (@Santa_Floki) December 26, 2021

Santa Floki creators’ tweet included a meme’s image comparing the surge of Dogecoin (DOGE) in 2020 and HOHOHO coin recently.

Risks of Trading Santa Floki

As usual with the brand-new tokens, there are high risks involved when somebody wants to invest in them. But, first, a cryptocurrency that just arrived in the space carries a lot of volatility because it’s gathering investors from around the world.

In fact, if it’s legitimate, the project is actively working to gain trust across people and make them acquire the tokens.

Second, the cryptocurrency will be highly susceptible to pump and dumps followed by tweets from celebrities or key crypto players’ statements, such as the one that came from Musk.

Moreover, as time passes, the market cap will increase and thus the volatility, which will produce even more savage swings that could make even riskier trading coins like Santa Floki.

Recent Brand-New Tokens Pumps

Early in December, FXEmpire reported that just a single joke during a Congressional hearing was needed to encourage cryptocurrency enthusiasts to create a brand-new coin.

A US Congressman, Representative Brad Sherman, made some statements in the midst of regulatory discussions with crypto CEOs, talking about meme coins and the relationship with the name of an animal.

In fact, Mongoose Coin (MONG) became a reality and hit a market cap of $14 million at that time, on December 10. After such a mention in the hearing named “Digital Assets and the Future of Finance: Understanding Innovation in the United States,” MONG gained an ROI of over 80,000%.

It became interesting how just an ironic mention sparked discussions about the risky nature of investing in meme coins like Mongoose Coin, which are exposed to such volatility.