Is Floki About to Crash? FLOKI Price Tumbles 30% with New Meme Coin Set for Exchange Launch
You’d be hard pressed to find two meme coins posting more opposite performances than FLOKI and SPONGE right now. FLOKI is down bad after falling 18% in the last 24 hours to change hands at $0.0001736 as of this writing, lunchtime UTC.
With a market capitalization of $1.6 billion, FLOKI is crypto’s sixth largest meme coin. It’s also one of several top meme coins that reference the Shiba Inu breed of dog.
Other Inu-referencing cryptocurrencies include Dogecoin (DOGE), Shiba Inu (SHIB), DogWifHat (WIF) and Bonk (BONK).
The OG Doge-meme referencing DOGE came first. It cornered the market with an eye-watering capitalization of $18.3 billion. Dogecoin is its own blockchain, however its energy intensive proof-of-work (PoW) consensus mechanism and lack of high-functionality smart contracts are limitations that have helped the Solana-based SHIB to become a stalwart rival.
FLOKI is named after one particular Shiba Inu, the one belonging to Tesla/SpaceX/X CEO Elon Musk.
Musk is no stranger to dog meme coins. Back in the time of Bitcoin’s heady 2021 bull run, a single tweet from Dogecoin fan Musk could pump DOGE’s price to new highs. However, in the three years since, Musk’s influence on crypto prices has largely cooled off.
He did recently post a picture of his IRL Floki on St Patrick’s Day last weekend, but it appears to not have impacted the prices of either Dogecoin or FLOKI.
pic.twitter.com/ISL9LJboSF
— Elon Musk (@elonmusk) March 17, 2024
In an X spaces discussion this year, the 52-year-old multibillionaire said he’s still HODLing DOGE.
Over on FLOKI’s trading chart we can see a sudden, volatile rally at the turn of the month, indicated by frequent cup and handle patterns and some near-vertical climbing.
Its Relative Strength Index
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