The project’s team launched asset staking in the testnet, and Binance.US listed it

​FLOKI rate rises by 40% in 24 hours. We explain the possible reasons for the growth

25.04.2023 - 15:00

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2 min

What’s new? The rate of the Floki Inu (FLOKI) meme token increased by 40% in 24 hours and reached $0,00004813. One possible reason for the rally is the listing of the asset on the platform of the American arm of the Binance crypto exchange. Thus, trading of the coin in pairs with the dollar and USDT stablecoin started on April 25 at 13:00 UTC. In addition, on April 24, the developers of Floki Inu reported the launch of the token staking program in the testnet. As of 15:00 UTC, FLOKI’s rate corrected to $0,00003643.

What is known about Floki Inu? It is an ERC-20 standard token based on the Ethereum blockchain. The developers created it in 2021 by analogy with DOGE and SHIB meme coins, which were already popular at that time after Elon Musk announced that he wanted to get a dog of the Shiba Inu breed and name it Floki. The asset has a market capitalization of $358,5 million and ranks 115th in the overall cryptocurrency ranking.

What is going on with FLOKI? In October 2022, the developers of Floki Inu demanded that the coin be listed on Binance. They noted that FLOKI is rapidly gaining popularity, although it has not been listed on major exchanges.

In January 2023, representatives of the project launched a vote to burn FLOKI to the tune of $55 million and reduce transaction fees. The initiative was supported by about 99,97% of the DAO participants.

On February 15, the FLOKI rate increased by 40% after Musk’s post with a picture of Floki’s dog wearing a sweater with the words “CEO” and the caption: “The new CEO of Twitter is amazing.”

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