We are officially in meme coin season as Floki Inu becomes the latest meme-based token to experience a significant price pump. The cryptocurrency inspired by Elon Musk’s Shiba Inu pup has long been considered the next big memecoin and looks set to live up to its hype. Floki Inu is currently up 40% in the last 24 hours and is the second best performing crypto asset in this period after the rapidly rising Pepe token.
Floki Inu benefits from high-profile mentions
This latest price increase may be linked by exchanges in recent days with a series of high-profile offers. Bitfinex was the first to announce Floki’s listing on May 3 in a move that came out of the blue and caught many in the crypto community by surprise. This was followed by Binance, the largest exchange in the world, to reveal on May 5 that it would place Floki alongside Pepe in its innovation zone, with users able to deposit from May 5.
The exchange further noted that it would begin trading the tokens in four pairs on May 6: PEPE/USDT, PEPE/TUSDT, FLOKI/USDT, and FLOKI/TUSD. Binance also plans to allow borrowing on both assets and plans to add new margin pairs for FLOKI and PEPE on isolated margin in the next 48 hours. Isolated margin pairs include FLOKI/USDT and PEPE/USDT.
The news of this listing caused great excitement in the crypto community, leading to a positive market move for both assets. PEPE reached a new market high of $0.0000028, surpassing the $1 billion market cap, while FLOKI also surged 60% in a matter of hours. During this period, Floki Inu has experienced increased trading volume as many investors look to purchase the token in anticipation of a bull run. PEPE’s recent bull run, which is up 11,000% in less than a month, has fueled the hype for memecoins, and Floki Inu appears to be the biggest beneficiary.
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What’s next for Floki Inu?
Floki Inu has gained a significant following as a community-driven cryptocurrency seeking a unique approach to decentralization. Its low transaction fees and range of products, including an NFT metaverse game, the FlokiFi Defi ecosystem, Floki University, and the NFT marketplace, have placed it high among crypto enthusiasts. In addition, the Floki team has always positioned the project as community-first and has formed high-profile partnerships with sports clubs to gain acceptance among mainstream crypto users.
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This latest price hike is expected to bring renewed interest in the token that seemed to have stalled in recent months. It will be intriguing to see where this coin ends up as the trend continues. Since Binance has already shown support by including it in the innovation zone, it won’t be long before other exchanges follow suit.
Featured image from Zipmex, charts from Tradingview
