A popular meme coin Floki Inuhas been showing a remarkable performance in the industry lately. It is currently trading at around $0.0001923, according to data from CoinGecko. Additionally, it has increased its value by 220% in the last seven days. Last month, this increase exceeded 500%.
One of the factors that explains its massive rise is the general crypto- There may be an increasing upward trend in the market. Especially meme coin momentum in the industry. Assets like Dogecoin (DOGE) and Shiba Inu (SHIB) promise quick and big profits, achieving triple-digit gains. These developments also attract the attention of investors.
As CryptoPotato recently reported, one SHIB investor made almost $1.6 million (at least in theory) with an initial investment of just $2,500. In another example, late last year, a person who spent just $310 purchased more than 2.5 million dogwifhat (WIF) tokens. In this case, his portfolio is now worth more than $5.6 million.
However, trading meme coins can also result in large losses due to the asset class’s notorious volatility. Therefore, it is necessary to always be careful.
Additional Support and Increased TVL
Uphold’s decision to allow trading with FLOKI may have contributed to the token’s recent rise. The team called this listing a “big deal,” arguing that it could increase the accessibility of the token. Prior to this decision, other cryptocurrency exchanges that had adopted Floki Inu included Binance.US, Kucoin, and more.
Key metrics regarding the token’s ecosystem are also trending in a positive direction. Data shows that the total value locked (TVL) in the staking program has reached an all-time high of $455 million.
Burning Billions of Coins
Finally, the revival of the Floki DAO may be linked to the announcement of burning more than 190 billion FLOKI tokens to ensure “long-term security and stability” for the ecosystem. This amount, currently worth approximately $37 million, will be removed from circulation by the end of the week.
Removing large amounts of tokens from circulation could trigger a price increase for FLOKI. Because this will lead to the token becoming less and less valuable (if demand remains the same or increases). Another meme coin that has adopted a similar burn program is the self-proclaimed Dogecoin killer Shiba Inu.
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