finbold.com
A common feature of cryptocurrency bull markets is the emergence – and resurgence – of various meme coins and the associated rags-to-riches and riches-to-rags stories.
The ongoing crypto market surge is no different and has already featured a massive meme coin rally early in March in which the internet-joke-based cryptocurrencies briefly dominate the weekly charts.
It also saw the release of multiple new meme coins and the creation of several new millionaires out of investors who timed their trades particularly well with some of the most notable examples being associated with Dogwifhat (WIF) and the mishap-ridden Slerf (SLERF).
One of the mainstays of the lineup, however, the viking dog-themed and Elon Musk-inspired Floki Inu (FLOKI) has, in many ways, been the start of recent weeks.
The token, which tries to differentiate itself from the crowd with various Web3 projects including those linked to non-fungible tokens (NFTs), games, and educational platforms, has been experiencing a massive and protracted surge in the last 30 days.
On February 27, Floki Inu’s market cap stood at just under $475 million, and, by press time on March 28, it skyrocketed to $2.465 billion – nearly $2 billion in one month.
FLOKI’s surge initially took off on March 2 after the proposal to burn approximately 190 billion tokens – about 2% of the circulating supply – was approved by the community.
FLOKI price chart
Along with the staggering market cap rise, the price of Floki Inu tokens also skyrocketed in the last 30 days. Within the time frame, FLOKI rose 426.60% from approximately $0.00004533 to $0.0002508.
The 30-day surge even briefly saw Floki Inu strive to surpass its old all-time highs above $0.00031 in 2021 near mid-March, but the token retraced since.
Still, Floki Inu’s ultimate potential upside is difficult to predict as it already broke above its established first resistance level of $0.000240, is trading close to its second resistance of $0.000254, and has proven its ability to break above the third resistance at $0.000262, though it couldn’t maintain the high level.
Nonetheless, despite the correction, FLOKI’s uptrend remains strong and it is 10.85% in the green on the weekly chart. The latest 24 hours of trading were also positive for the token as it is 12.35% in the green in the time frame.
The performance indicates that the current trend – likely to be bolstered in April by the ripple effects of the Bitcoin (BTC) halving – might prove strong enough for FLOKI to surge significantly above its old highs.
Longer-term, Floki Inu has also been doing well – much like most other cryptocurrencies – and has surged 615.87% year-to-date (YTD) and is up just over 700% in the last 52 weeks.
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