Memecoins are experiencing a surge once again following the reappearance of Roaring Kitty, a notorious meme influencer.
Memecoins are experiencing a surge once again following the reappearance of Roaring Kitty, a notorious meme influencer. Floki Inu, in particular, has seen a significant boost, with its value increasing as high as 17% in the past 24 hours. Roaring Kitty, also known as Keith Gill and DeepFuckingValue, gained fame as a key figure in the 2021 GameStop short squeeze that captivated the internet. After three years of silence, he made a comeback a few days ago, sharing a series of cryptic videos on Twitter.
The official Floki Inu Twitter account attributes its recent success directly to Roaring Kitty, stating, "Floki has always embraced meme culture, positioning itself as one of the leading memecoins in the crypto industry." Interestingly, Floki Inu is leading the pack despite Roaring Kitty's video suggesting that it's time to invest in cat coins with the statement, "the dog days are over." Outperforming most non-dog coins in the past 24 hours, including Popcat, cat in a dogs world, and Pepe, Floki Inu stands strong as a coin associated with Elon Musk's dog.
Another factor contributing to Floki Inu's outperformance may be the recent approval of a DAO proposal that authorized the burning of 15,246,000,000 FLOKI tokens (equivalent to $3,386,773). Token burning often signals bullish sentiment for projects as it reduces the circulating supply while demand remains steady, typically resulting in an increase in token value.
While Floki Inu takes the lead, there are a couple of other meme coin tokens that have also outperformed the market in the last 24 hours. GME, a tribute token on Solana for GameStop, has surged by 34%, while Apu Apustaja, another variant of Pepe the Frog, has climbed by 19% during the same period.
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