This Popular Meme Coin Flips Monero (XMR) and Cronos (CRO) Following New Highs: Read More

summary

• The cryptocurrency market surged on June 5, with Bitcoin (BTC) hitting over $71,000.
• The meme coin sector has also performed well, with one asset of this type hitting a new all-time high.

The token's latest surge

The cryptocurrency market is on a bright side today (June 5) with many major digital assets seeing strong gains. Bitcoin (BTC) surpassed the $71,000 mark for the first time in two weeks, while Binance Coin (BNB) strike It hit an all-time high of over $715.

The meme coin sector is also booming. maximum In terms of market cap, tokens of this type, Dogecoin (DOGE) and Shiba Inu (SHIB), have risen 4% and 8%, respectively, while Bonk Inu (BONK) has seen a 10% daily increase.

One of the meme coins that outperformed the aforementioned ones is the dog-themed Floki Inu (FLOKI), which recorded a 30% price increase to a new all-time high of around $0.0003394 (according to CoinGecko data).

FLOKI market cap exceeds $3.2 billion for the first time Until nowreselling popular altcoins such as Cronos (CRO), Monero (XMR), and Arbitrum (ARB). The meme coin is currently the 40th largest cryptocurrency and the 5th largest among its peers, with the Solana-based coin coming in at 4th place. Dog Whiff Hat (WIF) has a market capitalization of approximately $3.5 billion.

One person who has taken note of FLOKI's recent success is popular X-user KALEO. The analyst said: Expected During the next bull market, the token's market cap could “easily” soar to $10 billion.

Possible causes

The overall bullish conditions in the cryptocurrency market are not the only factor that may have driven FLOKI’s recent rise. Another important factor is decision The attack on the Floki DAO (the decentralized autonomous organization that manages the meme coin) resulted in the destruction of over 15 billion in assets. The vote passed. The answer was an overwhelming 99.84%.

Removing a substantial amount from the circulating supply of an asset makes the asset more scarce and more valuable over time (assuming demand stays the same or increases).

Finally, the price recovery is due to DWF LABS purchase 12 million FLOKI tokens have been issued to support the memecoin ecosystem.

Web3 Investments first announced its partnership with Memecoin in May of last year, when it bought $5 million worth of the cryptocurrency. Earlier this year, the company Doubled We contributed to this collaboration by acquiring $10 million worth of FLOKI tokens.