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Floki Inu Surges 17% Amid Meme Coin Rally
Floki Inu has experienced a notable surge of 17% within a 24-hour period, reflecting the ongoing momentum of meme coins in the market. This upswing coincides with the resurgence of the infamous meme influencer, Roaring Kitty, whose return to social media has reignited interest in meme-related cryptocurrencies.
The Influence of Roaring Kitty
Roaring Kitty, also known as Keith Gill and DeepFuckingValue, gained significant attention during the 2021 GameStop short squeeze. After an absence of three years, Roaring Kitty recently made a comeback through a series of cryptic videos on Twitter. Notably, the meme coin market has shown a correlation with Roaring Kitty’s online activity. When Roaring Kitty’s account was inactive for 12 hours, the market experienced a lull. However, with the return of Roaring Kitty’s messages, meme coins, including Floki Inu, have surged once again.
The official Twitter account of Floki Inu attributes its recent success to the presence of Roaring Kitty, stating, “Floki has always embraced meme culture, positioning itself as one of the leading memecoins in the crypto industry.”
Floki Inu’s Performance
Despite expectations that cat-themed coins would rise following Roaring Kitty’s enigmatic tweet about “the dog days are over,” Floki Inu, inspired by Elon Musk’s dog, has outperformed other non-dog meme coins in the past 24 hours. This surge includes surpassing coins like Popcat, cat in a dog’s world, and Pepe.
One contributing factor to Floki Inu’s outperformance could be linked to a recent DAO proposal approval, authorizing the burning of 15,246,000,000 FLOKI tokens (equivalent to $3,386,773). The burning of tokens is often viewed as a positive signal for projects, as it reduces the circulating supply, potentially leading to an increase in the token’s value.
Among the top meme coin tokens, only GME, a GameStop tribute token up by 34%, and Apu Apustaja, a Pepe the Frog variant with a 19% increase, have exceeded Floki Inu’s performance in the past day.
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