This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details – Crypto News – Crypto News
Connect with us
This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details

Cryptocurrency

This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details – Crypto News

Published

1 year ago

on

TL;DR

  • Floki Inu (FLOKI) saw a 20% rise in the last 24 hours, boosting its market cap to around $2.6 billion and reclaiming the fifth position in the meme coin sector.
  • Increased trader interest, upcoming announcements, and a significant token burn by the Floki DAO might have contributed to the price surge.

FLOKI on the Move

The meme coin sector experienced a substantial revival in the past 24 hours, with multiple assets of that type being well in the green. The dog-themed Floki Inu (FLOKI) is among the best performers, registering a nearly 20% increase on a daily scale.

Its market capitalization briefly jumped to almost $2.7 billion, currently hovering around $2.6 billion. Thus, it became the fifth-biggest meme coin, surpassing the Solana-based Bonk Inu (BONK), whose market cap is approximately $2.5 billion.

FLOKI Market Cap
FLOKI Market Cap, Source: CoinGecko

FLOKI’s latest spike coincides with increased interest from traders. The team behind the project revealed that the asset has become the hottest meme coin on Binance’s platform as of late, trending above the latest sensation Pepe (PEPE). Shortly after, the token topped the same ranking on OKX, outperforming ETH, PEPE, and BONK.

The ongoing week promises to be quite eventful for Floki Inu. The team said it will release an “important announcement” today (May 27), while three days the US-based crypto exchange Coinbase will launch FLOKI perpetual contracts. 

This type of derivative product in the cryptocurrency market enables traders to speculate on the future price movements of certain digital assets without owning them. Perpetual contracts are similar to traditional futures contracts but have no expiry date. This means people can hold their positions indefinitely as long as they maintain the necessary margin.

The Burning Efforts

Another potential factor that could have contributed to FLOKI’s latest rally is the Floki DAO’s decision to burn over 15 billion tokens. The vote was passed with an overwhelming majority of 99.84% in mid-May.

Removing a substantial amount of assets from the circulating supply results in increased scarcity and a potential price appreciation (assuming demand remains the same or rises).

Shiba Inu is another popular meme coin that has adopted such a burning mechanism. A week ago, SHIB’s burn rate soared by almost 600%, resulting in approximately 10 million assets sent to a null address. 

Meanwhile, the price of the self-proclaimed Dogecoin killer is up around 6% on a seven-day scale, while its market capitalization recently crossed the $15 billion mark.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending