The popular memecoin Floki Inu (FLOKI) has been one of the best performers in the cryptocurrency market lately, surging nearly 410% in the last 30 days.

Here are some of the potential reasons behind the massive price expansion.

Burning Proposal and More Attention From Whales

The team behind the project recently contemplated burning around 5 trillion FLOKI tokens to shrink the tax levied on each transaction to 0.3%. The proposal aims to grant additional security to users. FLOKI’s price rose 15% shortly after the disclosure. 

The developers argued that a potential exploit on their main cross-chain bridge would have a “catastrophic impact” because it currently holds over 55% of what FLOKI’s total circulating supply should be. The proposal passed three days later, and the team informed on February 9 that it had burned over $120 million worth of FLOKI through a bridge token burn.

The $FLOKI tokens burnt were worth over $124 million at the time of the burn.

This would make #Floki‘s bridge token burn one of the biggest token burns in crypto history!

— FLOKI (@RealFlokiInu) February 9, 2023

The token burn seems to have made FLOKI more attractive to the 500 largest whales on the BNB Smart Chain (BSC), who made it its most purchased coin just a day after the event.

As reported by WhaleStats, one particular community member purchased 80,000,000,000 FLOKI worth over $3.2 million at the time of the transaction. The trader ranks as the 72nd biggest BNB whale. FLOKI was also among the top 10 picks for Ethereum whales. 

KuCoin Listing

Another factor that led to the FLOKI spike could be the token’s listing on the cryptocurrency exchange KuCoin, announced by the Seychelles-based platform on February 15.

They also praised KuCoin for having over 20 million users and establishing a strong presence in numerous nations.

FINALLY!

The people’s exchange has listed the people’s #cryptocurrency!$FLOKI is now live on the #Kucoin exchange.

This is MASSIVE and one of #FLOKI‘s biggest exchange listings, introducing Floki and our utility to 27 million users in 207 countries and regions. https://t.co/TxY3mRbudy

— FLOKI (@RealFlokiInu) February 15, 2023

The Elon Musk Effect

One of the richest men on the planet recently posted a picture of his dog wearing glasses and dressed as the new CEO of Twitter. The photo of the pet, called Floki, prompted another price pump for the eponymous memecoin.

Elon Musk previously asked his followers whether he should step down as a Chief Executive Officer of the social media platform. The majority voted “yes,” which forced him to look for another boss. According to Musk, the upcoming leader should be “foolish enough” to take the role.

FLOKI’s Current Condition

The token currently trades at around $0.00005044, or a 66% increase compared to yesterday. It has climbed almost 100% over the past two weeks and an impressive 410% on a one-month basis. 

The team said earlier that FLOKI’s trading volume was at over $153 million, tapping a one-year high.

There is a lot of interest in #Floki today: volume is currently at $153 million+ and a good portion of that is on #DEXs.

For perspective, $FLOKI hasn’t had this much volume in over a year now.

This shows renewed interest in our ecosystem and we’d like to share some facts… pic.twitter.com/LDTGt6179D

— FLOKI (@RealFlokiInu) February 15, 2023

The post The Reasons FLOKI Is Up Over 400% Monthly appeared first on CryptoPotato.

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Filed under: Bitcoin - @ February 16, 2023 1:10 pm