How Did Floki Inu Rally 430% In the Market?

Paigambar Mohan Raj
Source: Captain inu

Floki Inu (FLOKI) is currently the top-performing cryptocurrency token among the top 100 projects. The project has rallied 63.5% in the last 24 hours and 79.1% in seven days. Moreover, in the 30-day chart, FLOKI has made gains of 430%. The rally has pushed the token to the 96th spot among the top 100.

Source: CoinGecko

FLOKI has been making significant gains since the end of January. The first rally came after the FLOKI community voted in favor of burning 4.2 trillion tokens worth over $100 million.

Why is Floki Inu surging?

Apart from the burns, FLOKI is enjoying the publicity gained from a recent tweet by Elon Musk. FLOKI’s latest spike comes after the Twitter owner posted a picture of his Shiba Inu dog, Floki. For those unaware, the FLOKI project is a tribute to Musk’s furry friend.

After Musk posted the picture, popular memecoins began to rally. Dogecoin (DOGE), for which Musk is a prominent supporter, and FLOKI began making significant upward movements. However, DOGE rival Shiba Inu (SHIB) reacted passively to the billionaire’s tweet.

Nonetheless, DOGE’s rally seems to have quietened down. DOGE has rallied by 3.3% in the daily charts. This is significantly less than Floki Inu’s (FLOKI) almost 70% gains.

Furthermore, the cryptocurrency markets have received a fresh inflow of funds, surging top tokens. Bitcoin (BTC) reached a 6-month high after gaining more than 10% in 24 hours. The global cryptocurrency market cap also surged by 8% in 24 hours. The sudden spike is likely due to investors easing up about regulatory changes. Recently the SEC made moves against certain cryptocurrency firms, such as Kraken, which led to increased fears. However, those fears may have subsided, leading to fresh funds flowing in.

At press time, Floki Inu (FLOKI) was trading at $0.00005279, up by 5.8% in the last hour. However, the token is still 84.28% down from its all-time high of $0.00033651, attained in November 2021.