Dogecoin (CRYPTO: DOGE) “millionaire” Glauber Contessoto took to X on Sunday to spotlight the remarkable performance of Floki (CRYPTO: FLOKI), noting its 33% rise over the past week.
What Happened: The post, made through Contessoto’s X persona SlumDOGE Millionaire, emphasized the coin’s growth despite major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) remaining below significant price thresholds. He posed a question to his followers, asking them to consider Floki’s potential once Ethereum surpasses its previous all-time high. The post concluded with an optimistic “Strap in,” along with a rocket emoji.
This post comes as Floki has been outperforming other meme coins, such as Dogecoin and Shiba Inu (CRYPTO: SHIB), as reported by Benzinga last week. Crypto trader Unipcs has noted that Floki is distinguishing itself from other meme coins by surpassing its previous all-time highs.
Over the last Floki, which is a multichain token based on Ethereum and Binance Smart Chain (BSC), has shot up over 30%, leaving behind larger coins like Bitcoin and Ethereum. Bitcoin rose 11% in the period, while Ethereum actually declined over 7%.
Contrasting Floki’s performance with meme coins presents an even starker picture. Dogecoin has fallen 1.65% in a 30-day period while SHIB has eked out a mere 1.3% appreciation.
See Also: Forget Dogecoin And Shiba Inu -- Crypto Analyst Sees This Coin Surging 100% – Benzinga
Why It Matters: The surge in Floki’s value is significant as it suggests a growing interest and potential in the meme coin market. According to Benzinga, Floki’s recent performance has led some traders to view it as “incredibly undervalued” with potential for substantial gains. This sentiment is echoed by SlumDOGE Millionaire’s post, which highlights the coin’s impressive growth despite the broader market trends.
However, not all experts share this optimism. Cathie Wood, founder of Ark Invest, has expressed skepticism about the long-term sustainability of meme coins. In a recent interview, she warned that many could face “fearsome declines” and might only become collector’s items. This cautionary perspective contrasts with the current enthusiasm surrounding Floki and other meme coins.
Price Action: Over 24 hours, Floki fell nearly 1% to $0.00007811, according to Benzinga Pro data.
Photo Courtesy: Akif CUBUK on Shutterstock.com
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- ARK’s Bitcoin ‘Bear Case’ Is $300,000 By 2030--What’s The Bull Case? – Benzinga
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
