The cryptocurrency market is seeing a broad recovery, with Bitcoin and Ethereum prices zooming by 11% and 8%, respectively, over the past 24 hours. However, the real star of the show is Floki Inu (FLOKI), which has outperformed other meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE), as well as nearly the entire crypto market, with a 430% price spike over the past 30 days.
Floki Is On The Rise
According to reports, Floki Inu has become the most traded asset on the top Dutch exchange Litebit, with 46.9% of all the volume. Meanwhile, SHIB and DOGE have managed to jump by 6% and 3%, respectively, over the past 24 hours. The cumulative meme coin cap is up by 5.25% to stand at $21.2 billion.
Interest in FLOKI is on the rise, with its trading volume up by $200 million. While a good portion of that is coming from DEXs, traders’ interest in the dog-themed meme coin has surged on the BNB chain. Floki Inu has over 365K holders on the BNB chain, while there are around 66.9K on the Ethereum network. This is primarily due to low gas fees and scalability.
Last month, Floki DAO, a decentralized autonomous organization that takes collective decisions about the token, voted to burn almost 5 trillion FLOKI tokens, at the time worth $100 million.
This decision had no impact on the price or supply of FLOKI because the tokens were never part of the circulating supply. Instead, they were locked up in a cross-chain bridge linking Ethereum to BNB Chain. They were seeded there to provide liquidity for transactions between the two blockchains.
The decision to remove the Ethereum-BNB Chain was taken amidst heightened security concerns about cross-chain bridges, which were the targets of huge hacks last year, including the historic Ronin bridge heist, where $622 million was taken from crypto video game project Axie Infinity.
The surge in FLOKI’s price could be due to its popularity as a dog-themed meme coin. However, it’s worth noting that meme coins like FLOKI are highly volatile and should be approached with caution.
Nonetheless, FLOKI’s recent performance shows that it’s possible for meme coins to hold their own in the cryptocurrency market alongside established coins like Bitcoin and Ethereum.