FLOKI Price Explodes: Here Are 4 Reasons Why
TL;DR
- Floki Inu (FLOKI) has experienced a significant price increase recently, coinciding with the general upswing in the meme coin market.
- A proposal from the Floki DAO to burn over 15 billion tokens aims to increase scarcity and potentially boost the value of the asset.
Whats Fueling FLOKIs Ascent?
The popular meme coin Floki Inu (FLOKI) recently experienced a substantial price increase, spiking by 17% on a 24-hour scale and 32% weekly. Currently, it trades at around $0.0002222 (per CoinGeckos data), a figure last observed at the start of April.
One factor possibly contributing to FLOKIs rally is the overall resurgence of the meme coin sector. As CryptoPotato reported, PEPE hit a new all-time high today (May 15), while Dogecoin (DOGE), Shiba Inu (SHIB), Bonk Inu (BONK), and many others are well in the green.
The next element worth mentioning is the rising adoption of FLOKI. The global neobank and financial technology company Revolut added the asset to its business program, while Binance Thailand also allowed trading services with it.
This listing will significantly enhance accessibility to FLOKI in Thailand and help accelerate its vision of being the worlds most known and most used cryptocurrency, the team behind the meme coin argued.
Last but not least, the Floki DAO introduced a proposal on whether or not to burn over 15 billion tokens. Removing a substantial amount of assets from circulation will make FLOKI scarcer and potentially more valuable in time (assuming demand stays the same or increases). Another meme coin that has adopted a similar burning mechanism is the second-largest by market capitalization Shiba Inu (SHIB).
Is There More Room for Growth?
Despite the recent price surge, multiple analysts believe FLOKI is just gearing up for a real bull run. The X user Nite thinks the assets chart has flashed a buy signal for the first time since February. Another member of the social media platform described the breakout as expected, envisioning additional pump to as high as $0.00065.
FLOKI is currently the fifth-biggest meme coin, with a market cap of over $2 billion. The ones leading the pack are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF).
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Text source: CryptoPotato
