Floki Inu (FLOKI) price jumped 10% in the last 24 hours, reaching $0.0002226 (10.9%) at 5:05 p.m. GMT.
This rise occurred following a nearly 90% increase in trading volume.
The sudden price rise is attributed to growing speculation that the useful meme coins will dominate the current market cycle, with FLOKI positioned as one of the main competitors.
Utilities drive demand
The utility of the FLOKI token lies mainly in the Floki ecosystem.
Token holders can participate in various features such as staking, yield farming, and an NFT marketplace.
This feature has piqued the interest of investors looking for meme coins that offer more than just hype.
Bullish announcement fuels price rise
The recent price rise is also linked to a bullish announcement from the Floki ecosystem. The project revealed plans to burn over 15 billion FLOKI tokens on May 22, 2024.
Token burning involves permanently removing tokens from circulation, reducing the total supply, and potentially increasing the value of remaining tokens due to their scarcity.
This announcement has already had a positive impact on the price of Floki, aligning with the fundamental economic principles of supply and demand.
Influence of and
Other market fundamentals are also in favor of Floki price. Bitcoin’s recent strength, which has reclaimed the psychological $70,000 level, is expected to lead to a rally in altcoins, including meme coins like FLOKI.
Additionally, the increased likelihood of Ethereum ETFs being approved soon could further boost the market, benefiting Floki Inu.
Overall, the combination of utility within the Floki ecosystem, strategic token burning, and favorable market conditions suggests promising prospects for the FLOKI token in the near term.
This article appeared first on Invezz.com France
