08 Mar 2024 Josphat Kariuki
Why FLOKI’s Price Exploded By Over 260% In Just A Week?
One of the top-performing cryptocurrencies lately is Floki Inu (FLOKI), which has seen price increases of 260.28% in a week and 664.90% in a month. With an almost $1.68 billion market valuation, it is presently the fourth-largest meme coin.
Source: CoinMarketCap
The Floki DAO's decision to destroy more than 190 billion tokens may have played a role in the remarkable surge. The cache will be destroyed on March 9, 2024, with an estimated value of $28 million at current rates.
Significantly reducing the amount of assets in circulation can raise the price of FLOKI since it would make the asset rarer and more valuable (provided demand remains constant or rises). Shiba Inu is another meme coin that uses a comparable burning technique. At the conclusion of last week, SHIB witnessed a 30,000% explosion in its burn rate.
The decentralized autonomous organization also stated that by removing the possibility of these assets being misused and dumped, the action may guarantee “long-term security and stability” for the Floki Inu ecosystem.
The general recovery of the cryptocurrency market, particularly the thriving meme coin cohort, is another factor that may have contributed to FLOKI's most recent increase. Both Dogecoin (DOGE) and Shiba Inu (SHIB) are up double digits today, reaching two-year highs in their market capitalizations.
The values of Pepe Coin (PEPE), Bonk Inu (BONK), and dogwifhat (WIF) have increased even more, hitting all-time highs.
Due to the notorious volatility of the industry, trading meme coins includes a lot of risks even though it can be thrilling and offer the possibility of sizable returns. Watch our most recent video to see the most frequent blunders that profitable traders should steer clear of while handling those kinds of assets.
