Floki Inu (FLOKI), a meme coin rival to Dogecoin (DOGE) and Shiba Inu (SHIB) in the meme coin space, has been making waves in the cryptocurrency market with its recent price surge and upcoming developments.
On May 27, 2024, FLOKI’s price skyrocketed by over 22%, reaching a multi-month high above $0.0002770.
TLDR
- FLOKI surged over 22% to reach a multi-month high above $0.0002770 on May 27, 2024, becoming a top trending token on Binance and OKX.
- The price surge is attributed to an upcoming Coinbase listing for FLOKI/USDT perpetual contracts on May 30 and anticipation of a major announcement from the project.
- FLOKI’s market cap has propelled it into the top 50 cryptocurrencies, with trading volume soaring 182%, indicating strong investor interest.
- Prominent investor unipcs.eth strategically invested in FLOKI and MAGA, realizing substantial profits of $245K (28%) and $3.4M (6005%) respectively.
- Floki developers launched a Telegram-based trading bot that charges a 1% fee on transactions, with 50% of the fees used to buy FLOKI on the open market, contributing to increased demand and buying pressure for the token.
The recent price surge can be attributed to two main factors: the upcoming listing of FLOKI/USDT perpetual contracts on Coinbase, set to launch on May 30, and the anticipation of a major announcement from the project, as hinted by a cryptic video shared on their official social media accounts.
The community’s excitement surrounding these developments has played a significant role in driving the token’s price and market capitalization.
FLOKI’s market cap has risen significantly, pushing the token into the top 50 cryptocurrencies by market capitalization.
The trading volume has also seen a remarkable 182% increase, indicating a strong interest from investors. This surge in interest and value has not gone unnoticed, with prominent investor unipcs.eth strategically allocating resources to both FLOKI and another meme coin, MAGA.
This investment has yielded substantial profits, with unipcs.eth realizing gains of $245K (28%) from FLOKI and an astonishing $3.4M (6005%) from MAGA in just two months.
The Floki Inu project has also been focusing on improving the token’s fundamentals and utility. The recently launched Telegram-based trading bot is a prime example of this effort.
The bot allows FLOKI holders to trade any token on the BNB Chain network, with plans to expand the service to Ethereum and Base blockchains in the future.
To use the bot, users must hold FLOKI tokens, which is expected to increase the demand for the token.
The trading bot charges a 1% fee on every transaction, with 50% of the collected fees being used to buy FLOKI on the open market.
This mechanism is designed to contribute to the buying pressure and drive the token’s value even higher.
Similar trading bots, such as Bonk’s BonkBot on the Solana network, have proven to be highly popular among their respective communities, responsible for a significant portion of on-chain trades and contributing to the buying pressure of the native token.
