The relatively new meme coin Baby Floki has outpaced the broader crypto markets after posting around 94% gains today. Moreover, not only on a daily basis, Baby Floki has increased by more than 800% in the last seven days with its current growth.
Although meme coins have entered the crypto community as a joke, they have become a favorite of many community members with their potential to generate high returns. Similar to what Baby Floki experienced, we occasionally witness big rallies in other meme coins. While there are dozens of new meme coins added to the ecosystem every day, very few of them find their way into the heart of their immediate circle.
Besides, there is no visible trigger that set the latest rally in Baby Floki into motion, as there are no major protocol successes or milestones on the official Twitter account. But Baby Floki has managed to maintain a vibrant community engagement through a targeted series of Ask Me What You Want Events, sponsored press releases in mainstream media, and engaging contests, among others.
While these developments are crucial to sustaining its excitement as a prank-entertainment-based meme coin, they fall short compared to its rivals. The competitors we are talking about are cryptocurrencies with strong communities such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki.
Could Baby Floki Price Drop?
It is a natural possible scenario for the BabyFloki token to receive some sort of correction going forward, based on the fundamental principles underlying the price increase. For example, early investors of the meme coin might want to sell the token to earn some profit, which could create selling pressure.
You can follow the current price action here.