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Is Floki Inu (FLOKI) the Next Big Meme Cryptocurrency?

Is Floki Inu (FLOKI) the Next Big Meme Cryptocurrency?

Floki Inu (FLOKI), a dog-themed token, is quickly gaining ground in the cryptocurrency world and competing for the throne of meme cryptocurrencies, such as Dogecoin (DOGE) or Shiba Inu (SHIB).

The token’s price has recently skyrocketed by almost 40%, pushing it into the top 100 crypto assets by market capitalization if only for a short while. Currently, the altcoin is positioned at #103, according to CoinMarketCap data.

This price increase coincides with the deployment of staking on FLOKI’s testnet and its listing on Binance.US, according to information shared by the token’s team on April 23 and 24.

As a result, FLOKI’s market capitalization increased by nearly $110 million, allowing it to enter the top 100 digital assets list on CoinMarketCap.

Notably, FLOKI attained its highest value in September 2021, coinciding with the moment when Elon Musk gave his dog the same name, which sparked a craze around the token.

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In a more recent event, the value of FLOKI increased by 40% in February 2023, following a series of images posted by Musk showcasing his dog as the new CEO of Twitter.

At the time of writing FLOKI is trading at $0.00003621, with a daily price drop of around 8.2%. The altcoin’s daily trading volume has also increased significantly.

The potential for FLOKI’s upward trend will be determined by its ongoing developments and the overall climate of the cryptocurrency and macroeconomic spheres.

The 1-day TA from TradingView shows a bullish santiment with the summary pointing to “buy” with 12 signals and the moving averages showing “strong buy” with 11 signals.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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