This Shiba Inu Rival Gains 20% Ahead of Important Announcement: Details
TL;DR
- Floki Inu (FLOKI) increased by 20% in the last 24 hours, increasing its market value to approximately $2.6 billion and reclaiming the fifth place in the meme coin industry.
- Increased trader interest, upcoming announcements, and Floki DAO’s significant token burn may have contributed to the price increase.
The meme coin sector has experienced a significant revival in the last 24 hours and many such assets are in the green. The dog-themed Floki Inu (FLOKI) is among the top performers with almost 20%. increase on daily scale.
Its market cap recently rose to almost $2.7 billion and currently hovers around $2.6 billion. Thus, it became the fifth largest meme coin, surpassing solana-based bonk Inu (BONK), which has a market value of approximately $ 2.5 billion.
FLOKI Market Cap, Source: CoinGecko
FLOKI’s recent rise coincides with increased interest from traders. The team behind the project clarified that the asset has become the most popular meme coin on the Binance platform. late hoursThe latest trend is above pepe (PEPE). Shortly thereafter, the token rose to the top of the same rankings on OKX, outperforming ETH, PEPE, and BONK.
The following week promises to be quite active for Floki Inu. The team said that they would make an “important announcement” today (May 27), and that the US-based crypto exchange Coinbase would make this announcement. lunch FLOKI permanent contracts.
This type of derivative product in the cryptocurrency market allows investors 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 expiration date. This means people can maintain their positions indefinitely if they maintain the required margin.
Burning Efforts
Another potential factor that could contribute to FLOKI’s recent rally is the Floki DAO’s decision to burn more than 15 billion tokens. Vote accepted An overwhelming majority of 99.84% in mid-May.
Removing A. wealthy amount Obtaining assets from circulating supply results in increased scarcity and potential price increases (assuming demand remains the same or increases).
shiba inu is another popular meme coin that adopts such a combustion mechanism. A week ago, SHIB’s burn rate increased by almost 600%, resulting in approximately 10 million assets being sent to an empty address.
Meanwhile, the self-proclaimed dogecoin killer’s price is up nearly 6% on a seven-day scale, while its market cap recently surpassed $15 billion.
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