The Floki Inu memecoin is currently experiencing strong growth. Investors who bet on this crypto inspired by Elon Musk's dog are currently on cloud nine. As this upward trend continues, the community and market observers are questioning its underlying dynamics. What are the factors behind the rise of this memecoin?
Roaring Kitty returns, Floki Inu explodes
The Floki Inu crypto saw an impressive 17% rise in just 24 hours, outperforming many other memecoins such as Popcat and Pepe. This rise coincides with the return of Roaring Kitty. Real name Keith Gill, the American analyst and investor has started posting enigmatic videos on Twitter again after three years of silence. Its return appears to have reignited interest in memecoins.
Roaring Kitty, known for her role in the 2021 GameStop short squeeze, has notably influenced the financial and crypto markets in the past. This influence remains evident, as shown by the immediate reaction of the memecoin market to his tweets. The memecoin market had cooled during his 12-hour absence, but ignited again upon his return. Although Roaring Kitty suggested that 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 cat coins, Floki Inu stood out by outperforming most other non-canine tokens. Only GME and Apu Apustaja, which rose 34% and 19% respectively, outperformed Floki Inu during this period.
The impact of the DAO proposal for Floki Inu on the rise of crypto
The recent approved DAO proposal for Floki Inu resulted in the authorization to burn 15,246,000,000 of the FLOKI crypto, equivalent to approximately $3,386,773. This reduction in circulating supply is often interpreted as a positive signal by investors, as it can theoretically increase the value of the token by reducing supply while maintaining demand.
Token burning is commonly used in the crypto ecosystem to create upward pressure on prices by introducing artificial scarcity. In the case of Floki Inu, this strategy seems to have contributed to its remarkable performance in the market, in addition to the influence of the return of Roaring Kitty.
The remarkable performance of the Floki Inu crypto, amplified by the influential return of Roaring Kitty and strategic token management decisions, clearly illustrates the power of media figures and community actions in the crypto market. This demonstrates the importance of management initiatives and community dynamics in the evolution of the value of digital assets.
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