The meme coin market appears to be correlated withĀ Roaring Kitty tweets. During his 12 hour absence, the market cooled off. But since the account has started sending messages again,Ā meme coins are soaringĀ once again.Ā
Roaring Kitty (also known as Keith Gill and DeepFuckingValue) was a key figure in the 2021Ā GameStopĀ short squeeze, which captured the internetās attention. Heās been silent for three years but returned a few days ago, posting a spree of cryptic videos on Twitter.
The officialĀ Floki Inu Twitter accountĀ claims its recent success is directly related to this saying, āFloki has always embraced meme culture, positioning itself as one of the leading memecoins in the crypto industry.ā
Thereās one other factor that might explain why Floki Inu is outperforming the rest of the meme coin market. A recentlyĀ approved DAO proposalĀ has authorized the burning of 15,246,000,000 FLOKI tokens ($3,386,773).Ā Burning tokensĀ is often a bullish sign for projects as circulating supply goes down while demand stays the same, often resulting in the tokenās value increasingāalthough this is not always the case.
The only top meme coin tokens that have outperformed Floki Inu in the last 24 hours is GME, aĀ tribute token for GameStop, which is up 34% andĀ Apu Apustaja, anotherĀ Pepe the FrogĀ variant, which has climbed 19% in the past day.
