Floki Inu rallies 50% alongside testnet staking launch, Binance.US listing
FLOKI is otherwise known for being the token that Elon Musk named his dog after.
Floki Inu (FLOKI) gained 50% over 24 hours on April 24.
Floki reaches $410M market cap
As of 7:15 p.m. UTC, FLOKI was valued at $0.00004232 (1/236 of a cent), marking a high not seen since February 2022.
The asset has a large supply of tokens despite its low token price. As such, it is now the 105th largest cryptocurrency and reports a market cap of $410 million.
FLOKI’s latest rally coincides with the launch of staking on the project’s testnet, representing a step toward allowing holders to earn rewards.
The asset simultaneously received a listing on Binance.US — the American branch of the popular crypto exchange Binance. Fellow memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) were also listed on Binance.US but saw lesser 24-hour gains of 1.1% and 0.5%.
Floki down from ATH
FLOKI’s current value is still considerably lower than its all-time high, In November 2021, the asset was valued at $0.0003 (1/33 of a cent).
The asset achieved that all-time high around the time that Tesla CEO and memecoin proponent Elon Musk named his dog after the cryptocurrency in September 2021.
The project has also seen more recent price gains. Notably, FLOKI gained more than 40% in February 2023 alongside further attention from Musk.
Flok Inu is one of many similar “memecoins,” and the fact that many of its competitors are quite similar means that there is little assurance of its lasting value.