Terra (Luna) and Terra Classic (LUNC)It tried to attract the attention of investors again by recording an increase of 400 – 600% from August lows. Major cryptocurrencies including leading cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Chainlink (LINK) are still trading lower than their August high. Alright One thing Terra and Terra Classic have in common is, Floki InuWhy does it offer a boost to start paying attention to (FLOKI)?
What Does Floki Inu Have in Common?
The massive rally of both Terra and Terra Classic during a long bear market with unfavorable macroeconomic conditions was more than just fundamental. Instead, it can be interpreted that both tokens have a strong community and community tokens like Floki could be big winners in this bear market.
The reason both Terra Classic (LUNC) and Terra (LUNA) have risen hard is because they are fully community-supported. While this may seem like oversimplification, things are actually a bit more complicated.
Terra Classic had recently successfully voted on a proposal introducing a combustion mechanism that acts as a catalyst. Terra (LUNA), on the other hand, had no such suggestions or catalysts, but still rose 400% from their lows.
Many projects announced significant developments in this bear market, but did not see the desired effect. However, this may change for community-backed tokens.
Cryptocurrency enthusiasts interested in community tokens with long-term potential should pay particular attention to Floki (FLOKI).
Like Terra and Terra Classic, Floki has a strong track record of trending Elon Musk-inspired cryptocurrency on Twitter almost daily, and enjoys strong community support. On the other hand, the project is not entirely community based and has a strong roadmap.
An important catalyst that FLOKI has is, FlokiFi Locker protocol was released on the mainnet this month. Floki has announced more than a dozen different partnerships for the protocol ahead of its mainnet launch, and more are expected to be announced after the protocol’s mainnet launch.
Similar to the LUNC offering, Floki’s FlokiFi Locker protocol features a transactional buyback and burn feature that automatically performs the redemption and burning of the FLOKI token using 25% of the fees charged from each transaction in the protocol.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.