Key Takeaways:
- Floki Inu’s same-named coin pushes to a 4-month high.
- The number of Floki wallets didn’t increase on Ethereum and Binance Smart Chain.
- Investors stacked up on all meme coins. Is a false sense of security behind the uptrend?
YEREVAN (CoinChapter.com) — Floki Inu (FLOKI), one of the Dogecoin litter pups, jumped a whopping 100% in the previous month, with 80% of it in the previous week. As a result, the canine memecoin’s price reached $0.00003234 on Oct 26.
No new FLOKI lovers – wallet count is steady
The influx of funds into the crypto sphere pushed Floki Inu to a 4-month high Thursday.
Interestingly enough, the number of Floki lovers didn’t increase. The existing wallets came back for more once the markets awakened from their Q3 stupor.
The Floki team could attribute the pump to the launch of a “unique” staking program.
Floki is trending on X in anticipation of its unique staking program launch this Friday, allowing holders to earn the majority of our new sister token! Today, at 12pm UTC, we’re unveiling the details of our brand-new sister token in the Valhalla metaverse.
read the latest tweet
But while the price jump is impressive, FLOKI is not the only one with green candles these days. Several other memecoins also caught the Bitcoin ETF fever and leaped over 100% in the previous weeks.
The memecoin craze can’t last long
For example, Grandpa Dogecoin (DOGE) jumped by 25% in a week, while Shiba Inu (SHIB) advanced by 18%. PEPE coin price gained a whopping 93% in a week, while Dogelon Mars (ELON) pumped nearly 46%.
So, what’s pushing investors to collectively park their cash in all sorts of frogs, snails, and puppy dog tails? Possibly, the reason is the rising confidence in the bullish markets, regardless of how well it is founded in facts.
Once traders see those green candles, it’s a no-brainer for them to take more risks. And what could be riskier than a nonsense memecoin?
Just to confirm, let’s take another look at the memecoin stats. The highest gainers of the previous week were the fishiest of them all. HarryPotterObamaSonic10 (!!!) coin jumped over 100% in the previous 7 days, while HairyPlotterFTX (!!!!!) price gained 150%.
When will those coins dump harder than a ton of bricks? Could be a week, or two, or three. But once Bitcoin starts to correct, the risk-loving “HarryPotterObamaSonic10” investors might flee at the first whiff of trouble.
