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