Mon, 3/06/2024 – 15:55
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The meme coin ecosystem is blowing up amid a broader recovery in the digital currency ecosystem. The meme coin market has soared by approximately 2.39% in 24 hours to $64,365,653,712. Of the tokens fueling this combined market growth, Floki (FLOKI) is in the lead.
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The token has jumped by more than 15% overnight and is changing hands for $0.0002776. This FLOKI momentum is far outstripping its key rivals, like Shiba Inu (SHIB), PEPE and Dogwifhat (WIF). While SHIB is up by 1.56% to $0.00002522, PEPE and WIF have rallied by 2.42% and 6.44%, to $0.00001525 and $3.46, respectively.
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Each of these meme coins has the fundamentals impacting their performances across the board. For FLOKI, the massive 15 billion token burn it implemented on-chain in the past month has turbo-charged it for a massive rally in recent times. This burning has helped FLOKI in retesting a monthly high of $0.0003119, atop a 40.74% jump.
Besides this, FLOKI has achieved several exchange listings in the past few weeks that have helped it expand its reach across the board. This is also complemented by the launch of a trading bot on Telegram to enhance accessibility.
Over the past few weeks, the performance of FLOKI has set the token apart in more unusual ways. The digital currency has seen a surge in its Total Value Locked (TVL), becoming the first meme coin to record more than $820 million this year.
Shiba Inu has been innovative in unique ways through the Shibarium Network. However, its best efforts have only seen its DeFi TVL pegged at a mere $2.45 million, per data from DeFiLlama.
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With meme coin competition growing at a very fast pace, Dogecoin (DOGE) has maintained its lead as the largest per market capitalization. Shiba Inu and PEPE rank as the second and third largest assets, with WIF and FLOKI rounding out the top five.
