- Floki posted a strong 24-hour performance, leading the top 100 tokens.
- The memecoin recorded a new all-time high off the back of this run.
- Multiple fundamental developments drove the price pump.
Crypto markets rallied today, as $80 billion of inflows increased the total market cap over the last 24 hours, recording an 8-week high of $2.64 trillion.
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Memecoin Floki led the top 100 gainers, growing 30% over the past day. At the time of writing, it had formed a new all-time high of $0.0003424, fueled by several new fundamental developments.
Floki Soars to New Heights
Floki grew 30% over the past day to record a new all-time high of $0.0003424 on June 5, fueled by multiple fundamental breakthroughs for the project.
Floki opened the year priced at $0.00003610 and grew 770% to peak at $0.00031502 by March 14. Following a slump that found a local bottom at $0.00011022 on April 13, Floki began a new uptrend that culminated in smashing previous resistance experienced on March 14 and more recently on May 28 to form a new ATH of $0.0003424 on Wednesday.
Floki has posted a staggering 850% year-to-date gain, moving it into contention to take on dogwifhat for the fourth largest memecoin by market capitalization. With its rapid growth, Floki’s ascent seems underpinned by a series of positive fundamental catalysts.
Token Fundamentals Strength
Several fundamental developments are Driving Floki’s strong 24-hour performance. Most notably, the team revealed that the number of Floki holders on the BNB Chain grew to 417,000 users. The Floki token is multichain and available on both the Ethereum and BNB Chains.
https://x.com/RealFlokiInu/status/1798030536126189966
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Tuesday saw Lunar Crush post that Floki’s social sentiment, or volume of mentions on social media, is “showing major strength.” An update on Wednesday stated that the trend has continued gaining momentum, taking Floki to “the #1 LunarCrush AltRank™ position.”
Market maker DWF Labs revealed it had teamed up with the project, buying $12 million of Floki tokens to support the ecosystem. A proportion will be acquired on the open market, with the balance being bought directly from the Floki treasury.
On the Flipside
- DWF Labs were recently embroiled in wash trade allegations on the Binance platform.
- Memecoins have been the stand-out crypto genre this cycle.
- Floki is about a seventh the size of memecoin market leader Dogecoin.
Why This Matters
The Floki frenzy highlights how narratives and cultural relevance have become powerful drivers in crypto markets.
The Floki team announces plans for an exciting new marketing campaign.
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