Floki Inu fans believe that the recent surge in the popularity and value of GameStop shares could be a reason for this bullish outbreak.
Floki Inu (FLOKI), a leading meme coin in the digital asset market, has shown massive gains in the past 24 hours, outperforming the border crypto market as holders profit from their investments.
The 46th largest cryptocurrency by market capitalization witnessed a substantial boost in its trading volume along with prices. The meme token is up 13% in the past 24 hours and is priced at $0.0002798 at the time of writing.
The trading volume of Floki Inu (FLOKI) went up by 13.65% and is currently standing at $533.5 million, while the market capitalization of the token is $2.68 billion. The meme coin entered the top fifty digital assets with this surge and belittles the performance of its rival meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE).
FLOKI went as high as $0.00028 from a low of $0.00023 in the past 24 hours and is up 8.14% in the past week and 69.78% in the past month. Additionally, the meme coin witnessed a rise of 780.41$ in one year, the data from CoinMarketCap confirms.
The meme coin’s performance since February has been commendable, with FLOKI bouncing from a low of $0.000031 on February 21 to a high of $0.00014 on March 2. Also, the volume of the digital asset has been on the rise since February, showing investors’ interest in the meme cryptocurrency.
The data from TradingView suggests that the buyers are currently in control of the Floki Inu (FLOKI) price action, with the relative strength index (RSI) reading a value of 64.22. Moreover, the indicator is moving towards the overbought zone, which could be a good time to capitalize on the gains made in the past few months.
Photo: TradingView
FLOKI Community Weighs In
The Floki Inu (FLOKI) fans on social media platform X pointed out the significant gains in price, stating that the recent surge in the popularity and value of GameStop shares could be a reason for this bullish outbreak.
One user with 240,000 followers stated that the recent reveal made by Keith Gill, also known as “Roaring Kitty” and “DeepFuckingValue,” in the digital asset space on Reddit could benefit meme coins in general and FLOKI specifically. The user highlighted that Floki Inu has stronger fundamentals as compared to its rivals like Pepe (PEPE) and Bonk (BONK).
In his first Reddit post since April 2021, Gill confirmed that he is a GameStop (GME) whale and currently has a position value of over $200 million in GME. This resulted in a massive surge in the price of GME on Robinhood, a crypto and stock market trading platform, resulting in a warning from the company to buyers.
In 2021, it was the rally of meme stock GME that led to the soaring prices of meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). It is important to note that Gill was considered at the center of the entire rally of meme stocks and crypto assets.
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