Floki Inu Rallies 40% In 24 Hours: Here’s Why
06 May 2023 - 8:35PM
NEWSBTC
We’re officially in the meme coin season as Floki Inu becomes the
latest meme-based token to experience a significant price pump. The
cryptocurrency inspired by Elon Musk’s Shiba Inu pup has long been
considered as the next big memecoin and it appears to be living up
to its hype. Floki Inu is currently up 40% in the past 24
hours and is the second-best performing crypto-asset during this
period after the fast-rising Pepe token. Floki Inu Benefiting
From High-Profile Listings This latest price surge can be linked to
a series of high-profile listings by exchanges in recent days.
Bitfinex was the first to announce the listing of Floki on May 3rd
in a move that came out of the blue and surprised many in the
crypto community. This was followed by Binance, the largest
exchange in the world, disclosing on May 5th that it would be
listing Floki alongside Pepe in its innovation zone, with users
able to deposit as of May 5th. The exchange further noted
that it would begin trading the tokens on May 6th across four
pairs: PEPE/USDT, PEPE/TUSDT, FLOKI/USDT, and FLOKI/TUSD. Binance
also intends to permit borrowing on both assets and plans to add
new margin pairs for FLOKI and PEPE on Isolated Margin in the next
48 hours. The Isolated Margin pairs include FLOKI/USDT and
PEPE/USDT. News of this listing caused significant excitement to
the crypto community, which led to a positive market movement for
both assets. PEPE achieved a new market high of $0.0000028,
surpassing the $1 billion market cap, while FLOKI also increased by
60% within a few hours. During this period, Floki Inu has
experienced increased trading volume as many investors look to
purchase the token in anticipation of a bull run. The recent
bull-run of PEPE, which has risen by 11,000% in less than a month,
has spurred the hype for memecoins and Floki Inu appears to be the
major beneficiary. Related Reading: Former DoJ Kennedy Jr,
Laments on Global Financial Censorship, Shows Support For Bitcoin
What’s Next For Floki Inu? Floki Inu has gained a substantial
following as a community-driven cryptocurrency that is looking to
adopt a unique approach to decentralization. Its low transaction
fees and suite of products, including an NFT metaverse game, the
FlokiFi Defi ecosystem, the Floki University, and the NFT
marketplace, have placed it high among crypto enthusiasts. In
addition, the Floki team has always positioned the project as
community-first and has made high-profile partnerships with sports
clubs to gain adoption among mainstream crypto users. Related
Reading: BRC-20 Token Standard A Hotspot For New Memecoins As PEPE
Soars This latest price surge is expected to bring about renewed
interest in the token that appeared to have stalled in recent
months. It will be intriguing to see where this coin ends as the
trend persists. Since Binance has already demonstrated support by
listing it in the innovation zone, it won’t be long before other
exchanges follow suit. Featured Image From Zipmex, Charts From
Tradingview
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