The cryptocurrency market is reviving, with Bitcoin and Ethereum prices rising by 11% and 8% in the last 24 hours. However, the reality show star is Floki Inu (FLOKI), which has outperformed other meme currencies such as Shiba Inu (SHIB) and Dogecoin (DOGE), as well as nearly the entire crypto market, with a 430% price increase in the previous 30 days.
Floki’s Popularity Is Growing
According to data, Floki Inu is the most traded asset on the most significant Dutch exchange, Litebit, accounting for 46.9% of the total amount. Meanwhile, SHIB and DOGE have risen by 6% and 3%, respectively, in the previous 24 hours. The meme coin cap has increased by 5.25% to $21.2 billion.
FLOKI is gaining popularity, with its buying and selling volume increasing by $200 million. While a large portion comes from DEXs, merchants’ interest in the dog-themed meme coin has grown on the BNB chain. On the BNB chain, Floki Inu has over 365K holders, while the Ethereum community has around 66.9K. This is primarily due to low fuel costs and scalability.
Final month, Floki DAO, a decentralized autonomous group that takes collective choices concerning the token, voted to burn virtually 5 trillion FLOKI tokens at the time price of $100 million.
This resolution did not affect the value or supply of FLOKI because the tokens were not a part of the circulating supply. As a replacement, they have been locked up in a cross-chain bridge connecting Ethereum to the BNB Chain. They were planted there to provide liquidity for transactions between the two blockchains.
The decision to remove the Ethereum-BNB Chain came amid increased security concerns about cross-chain bridges, which had been the target of large hacks final year, including the historic Ronin bridge heist, in which $622 million was stolen from crypto online game venture Axie Infinity.
FLOKI’s value may have risen due to its reputation as a dog-themed meme coin. However, it’s worth noting that meme currencies like FLOKI are incredibly volatile and should be approached with caution.
However, FLOKI’s current performance demonstrates that meme currencies can compete in the cryptocurrency market alongside established currencies like Bitcoin and Ethereum.
