Elon Musk isn't giving up on Dogecoin just yet. The cryptocurrency began as a joke, was supported by Musk early this year, and then fell out of favor, most likely for the better. Musk has returned to his old tricks. Tesla's and SpaceX CEO Elon Musk may not have tweeted about Dogecoin in a while, but he did say in June that he will be receiving a pet Shiba Inu shortly and that it would be named 'Floki.'

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Floki has finally arrived. A picture of the Tesla CEO's new pet has been published on social media and as a result of Musk's post, Dogecoin's price has risen. After Musk's tweet, not just Dogecoin, but also related altcoins like Baby Doge, Floki Inu witnessed a rise in value as well.

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When a Twitter user asked Musk whether he may post photographs of Floki with his other beloved dog, Marvin, the Tesla CEO responded that they are not friends yet.

According to CoinMarketCap, Baby Doge's value increased by 1.80% after Musk's post. It was created by Dogecoin supporters who think that the meme cryptocurrency has a promising future. "Baby Doge" wants to impress his father, according to the official website, by showing off his increased transaction speeds and adorableness. He is ‘Hyper-deflationary with an integrated smart staking system built in so more baby doge is being added to your wallet. Simply Love, pet, and watch your baby doge grow.’

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Shiba Floki, on the other hand, was the greatest winner from Musk's tweet. According to CoinMarketCap, the new currency has grown 958.09 percent in the previous 24 hours. 

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Floki Inu, another cryptocurrency, has increased by 59.08 percent in the previous 24 hours, while Floki Shiba has increased by 23.46 percent.