FLOKI, the dog-themed cryptocurrency, has surged by nearly 40% recently, propelling it into the top 100 cryptocurrencies by market capitalization. This surge comes after the deployment of staking on the platform's testnet, as well as its listing on Binance.US. FLOKI's market capitalization received an influx of nearly $110 million or 38.97% in just 24 hours, bringing its total market cap to $383.80 million.
Interestingly, FLOKI reached its all-time high in September 2021 when Elon Musk named his dog Floki, resulting in a FLOKI frenzy. More recently, the token soared 40% in February 2023 after Musk posted a series of images of the dog posing as the new CEO of Twitter. FLOKI's recent surge has made it one of Finbold's top 5 cryptocurrencies under $0.10 to buy in March 2023, an investment that looks to be paying out.
FLOKI is seen as a contender to the meme cryptocurrency throne, vying to become the next Dogecoin or Shiba Inu. Its success has been attributed to its dog-themed branding and the popularity of memes within the crypto community. However, whether this bullish momentum will stick depends on further developments around the dog meme token, as well as the general atmosphere on the wider crypto and macroeconomic landscapes.
The deployment of staking on the platform's testnet is a significant development for FLOKI, allowing token holders to earn rewards for holding and staking FLOKI tokens. This incentivizes users to hold onto their tokens and reduces selling pressure, which could contribute to a further increase in FLOKI's price.
In addition to staking, FLOKI's listing on Binance.US is also a crucial factor in its recent surge. Binance is one of the world's largest crypto trading platforms, and its American branch, Binance.US, is a popular platform for American investors. FLOKI's listing on Binance.US provides increased exposure for the token, allowing more investors to access and trade FLOKI.
FLOKI's success highlights the power of branding and the importance of community within the crypto industry. Dog-themed tokens and memes have proven to be popular among crypto enthusiasts, with Dogecoin and Shiba Inu being prime examples. FLOKI's recent surge shows that there is still a demand for dog-themed tokens and that they can be profitable investments.
Overall, FLOKI's explosive 40% surge has propelled it into the top 100 cryptocurrencies by market capitalization. Its recent developments, including staking on the platform's testnet and its listing on Binance.US, have contributed to its success. Whether FLOKI can maintain this bullish momentum remains to be seen, but its recent surge demonstrates the power of branding and the importance of community within the crypto industry.