Floki Inu, a popular meme cryptocurrency, surged 45% following a tweet posted by Elon Musk, CEO of Tesla, Twitter, and SpaceX, on Wednesday.
Related Reading: Meme Coin Wars – Floki Inu Vs. Dogecoin And Shiba Inu – Who Wins?
Meme tokens such as Dogecoin have also rallied in the past days gaining over 7%, while Shiba Inu rose 5% after Musk’s tweet.
The Reason Behind Floki Performance
In the tweet, Musk posted a picture of a meme involving his dog Floki posing as the new CEO of social media Twitter. The papers on the table show that the dog’s name was Floki. This tweet tremendously surged the meme coin’s value. It appears that tweet pushed FLOKI to record a high of about 45% as the official Floki Inu account responded to Musk, appreciating his support.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Besides the rally, another factor seems to trigger a further positive impact on Floki’s value: the popular coin listed by the major cryptocurrency exchange Kucoin today. The Floki Twitter handle called the listing a “massive success” that would enable the token to be paired with USDT and USDC stablecoins and exposed to over 27 million users on the platform in more than 200 countries.
Since the start of 2023, the meme coin named after Elon Musk’s dog has soared 200%, surpassing the gains on other Musk favorites like Dogecoin and Shiba Inu, which soared 32% and 45% in January, respectively.
Floki has also beaten gains witnessed by major mainstream cryptocurrencies like Bitcoin and Ethereum, which have gained 39% and 31%, respectively, since the beginning of the year. Key factors highlighted above have triggered Floki Inu’s recent impressive movements.
In addition, the recent approval of a governance resolution to burn tokens worth $100 million is part of other factors contributing to the recent rally. In January, Floki rose its value by nearly 100% after the Floki Inu DAO, the group behind the coin, approved the governance proposal to do token burning. The Floki project designed the technique to reduce supply to add value to each token in circulation, even if the level of demand remains the same.
The Floki team has been working to make the project a severe DeFi contender with robust utility. As a result, FLOKI appears slightly different from other meme coins with some real-world use cases.
Last December, Floki’s team released an NFT Metaverse game called ‘Valhalla’ to tap into the $1 trillion Metaverse industry. The logic behind using Valhalla among users is to increase the utility of the token (FLOKI) and its demand.
Last July, Floki Inu partnered with NOWPayments, a crypto payment gateway, to seamlessly enable businesses to accept FLOKI on their online platforms. Customers can also use FLOKI to purchase physical goods in digital marketplaces like Curate (XCUR) and CryptoCart.
Floki Inu Price Analysis
FLOKI is currently trading at $0.000036, up 59.40% in the last 24 hours. In the past seven days, the token’s price has soared by 21.04%. Floki currently has a market cap of $319.4 million and ranks #218 among digital assets listed on Coinmarketcap.
The trading volume of FLOKI stands at $133 million in the past 24 hours, representing a 536.10% increase from the previous day, which indicates a recent uptick in market activity.
FLOKI peak, $0.00033651, was reached on November 4, 2021. This means that the current price is 89.40%, down from the all-time high price.