Floki Inu, a meme coin named after the dog of Tesla, SpaceX, and Twitter CEO Elon Musk, rose nearly 50% overnight. One of the main reasons was the listing on Binance.US along with other meme assets such as Dogecoin and Shiba Inu, but they showed much less growth. Read more about what else caused Floki Inu to soar and what will happen to the price below.
FLOKI
The overall goal of the project is to stand out from other memes by combining them with utility. In the long term, it will be an autonomous and decentralized ecosystem with a focus on:
The project was created by an anonymous developer who abandoned it shortly after launch. Since then, the community has managed Floki Inu, exactly like Shiba Inu. The Floki core team consists of:
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At the time of writing, according to Etherscan, the asset is stored in almost 72,000 wallets and is considered one of the most popular meme projects.
Floki’s current value is well below the all-time high of November 2021. However, there are now at least four reasons that have brought the asset back into action. Let’s take a look at each of them.
On April 25, it became known that Binance.US, the U.S. branch of the popular cryptocurrency exchange, would go through a Floki Inu listing. The reaction to the token was not long in coming, and the asset has risen 55% since April 24. It also caused the coin’s market capitalization to rise to $410M for the first time since February 2022. Considering the low value of the asset itself, this is a very good result. This puts Floki in the top 100 cryptocurrencies by market capitalization at the time of writing.
It is worth noting that two more meme tokens — Dogecoin and Shiba Inu — were also listed on Binance.US that day. However, their reaction was not so powerful. So, over the last 24 hours, the coins initially gained 1,1% and 0,5%, respectively, but at the time of writing, they have already fallen by 0,87% and 1,23% compared to the previous day.
Another reason that may have influenced the rise in the price of the asset could be the launch of staking in test mode. According to representatives of the team, “the tests have gone very smoothly,” and the program will probably be launched in full “sooner than many realize.”
Staking was launched as early as last week, and, if the official website is to be believed, in that time:
The process of reserving funds is very simple and consists of four steps:
In addition, the project team summed up some results by making a thread with the current achievements of the project. According to the published data, FLOKI is currently:
Everything is related. So, most of the results were the reason for listing on Binance, and, accordingly, the growth of the price of the asset.
Moreover, on June 19, Twitter verified FLOKI as an organization. The official token’s Twitter page now has a gold check mark. Just before DogeDay.
And now Floki is the only memecoin to have this status. Not even the Dogecoin and Shiba Inu had such a designation.
At the time of writing, Floki Inu is trading at $0.00003666, up 15,90% from 24 hours ago. However, at its peak over the past 24 hours, the asset was trading at $0.00004797, up 52,09%.
You have not selected any currency to displayNevertheless, the current value of the asset is nothing compared to its historical high. On November 5, 2021, Floki was trading at $0.0003118. So, if you had invested at the start, you would have received 7,4 times what you invested before at the peak. And if you held or are still holding, you now have x0,8 of the amount originally invested.
The most profitable option would be if you invested in the token on August 9, 2021. Then Floki formed an all-time low and dropped to $0.00000002, and if you had held until now, the profit would have been 186231,88%.
Binance.US is one of the largest and most reliable exchanges, so a Floki listing is likely to have only a positive effect.
“This listing signals Floki’s growing strength and its commitment to doing things the right way with strong compliance,” says Twitter’s user Not A Whale.
On the eve of the listing, IntoTheBlock specialists noticed a significant surge in addresses, which coincided with the rise in the price of the token.
“We see a minor increase in zero balance addresses, which indicates some holders are selling into the price move. However, we also see a strong increase in new addresses, which signals new holders coming in,” says the research.
Thus, it seems that due to the strong volatility, some people are in a hurry to get rid of their tokens in order to earn a little bit before they fall again. Others, seeing such growth and potential and considering the reasons described above, think that they should invest in reliable assets with growth prospects.
However, it is not clear yet whose actions are the most profitable. Meme tokens are still very risky assets, and it is almost impossible to predict how they will behave in the future. Therefore, before investing even in seemingly successful tokens such as Floki, do your own research.
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