The truth behind Floki Inu’s spectacular explosion

10h42 ▪ 3 minute read ▪ by Luc Jose A.

The Floki Inu memecoin is currently experiencing strong growth. Investors betting on this cryptocurrency inspired by Elon Musk’s dog are currently in seventh heaven. As this bullish trend continues, the community and market observers are questioning its underlying dynamics. What are the factors behind the rise of this memecoin?

The return of Roaring Kitty, Floki Inu skyrockets

The Floki Inu cryptocurrency saw an impressive 17% increase in just 24 hours, outperforming many other memecoins such as Popcat and Pepe. This wave coincides with the return of Roaring Kitty. His real name is Keith Gill, the American analyst and investor who has resumed posting enigmatic videos on Twitter after three years of silence. His return seems to have reignited interest in memecoins.

Roaring Kitty, known for its role in the GameStop short squeeze in 2021, has historically had a notable impact on the financial and cryptocurrency markets. This influence remains evident, as seen in the immediate market reaction to his tweets. The memecoin market had cooled during his 12-hour absence, but recovered upon his return. Although Roaring Kitty suggested the era of dog coins was over, Floki Inu, inspired by Elon Musk’s dog, continues to outperform.

Despite Roaring Kitty’s apparent preference for feline coins, Floki Inu stood out above most other non-canine coins. Only cryptocurrencies GME and Apu Apustaja, which increased by 34% and 19% respectively, outperformed Floki Inu during this period.

The impact of the DAO proposal for Floki Inu on the rise of cryptocurrencies

The recent DAO proposal approved for Floki Inu led to the authorization to burn 15,246,000,000 FLOKI cryptocurrencies, equivalent to approximately $3,386,773. This reduction in circulating supply is often seen as a positive sign by investors, as it can theoretically increase the value of the token by reducing supply while maintaining demand.

Token burns are commonly used in the crypto ecosystem to create upward pressure on prices by introducing artificial scarcity. In the case of Floki Inu, this strategy appears to have contributed to its notable market performance, along with the influence of the return of Roaring Kitty.

The extraordinary performance of the Floki Inu cryptocurrency, amplified by Roaring Kitty’s influential return and strategic token management decisions, clearly illustrates the power of media figures and community actions on the cryptocurrency market. This demonstrates the importance of stewardship initiatives and community dynamics in evolving the value of digital assets.

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Luc Jose A.

Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.

DISCLAIMER

The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.

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