Is Floki About to Crash? FLOKI Price Tumbles 30% with New Meme Coin Set for Exchange Launch
You’d be hard pressed to find two meme coins posting more opposite performances than FLOKI and SPONGE right now. FLOKI is down bad after falling 18% in the last 24 hours to change hands at $0.0001736 as of this writing, lunchtime UTC.
With a market capitalization of $1.6 billion, FLOKI is crypto’s sixth largest meme coin. It’s also one of several top meme coins that reference the Shiba Inu breed of dog.
Other Inu-referencing cryptocurrencies include Dogecoin (DOGE), Shiba Inu (SHIB), DogWifHat (WIF) and Bonk (BONK).
The OG Doge-meme referencing DOGE came first. It cornered the market with an eye-watering capitalization of $18.3 billion. Dogecoin is its own blockchain, however its energy intensive proof-of-work (PoW) consensus mechanism and lack of high-functionality smart contracts are limitations that have helped the Solana-based SHIB to become a stalwart rival.
FLOKI is named after one particular Shiba Inu, the one belonging to Tesla/SpaceX/X CEO Elon Musk.
Musk is no stranger to dog meme coins. Back in the time of Bitcoin’s heady 2021 bull run, a single tweet from Dogecoin fan Musk could pump DOGE’s price to new highs. However, in the three years since, Musk’s influence on crypto prices has largely cooled off.
He did recently post a picture of his IRL Floki on St Patrick’s Day last weekend, but it appears to not have impacted the prices of either Dogecoin or FLOKI.
— Elon Musk (@elonmusk) March 17, 2024
In an X spaces discussion this year, the 52-year-old multibillionaire said he’s still HODLing DOGE.
Over on FLOKI’s trading chart we can see a sudden, volatile rally at the turn of the month, indicated by frequent cup and handle patterns and some near-vertical climbing.
Its Relative Strength Index (RSI) sits at 44, which indicates near-term stability, however, FLOKI has frequently posted RSIs of 70 over the last month, meaning buying activity has been heavier and more momentum-driven than selling activity.
FLOKI Lacks Fundamentals, Unlike SPONGE
Despite (or perhaps because of) their heady FOMO appeal, investors should approach meme coins with extreme caution. They are a super volatile sector in what is already a highly volatile and speculative space.
FLOKI is a hardcore meme coin, which means it’s more of a novelty than a utility. It doesn’t have Dogecoin’s celebrity backers or first mover advantage, and it also doesn’t have Shiba Inu’s growing utility.
Given their viral appeal, meme coins sometimes absorb most of the gains when times are good. Conversely, when times are bad and the market is more risk averse, they can also soak up most of the losses.
Meme loving FLOKI holders would do well to diverse their portfolio with SPONGE, a hot new meme coin that combines laughs with utility.
Investors have another chance to get in early with it before the team lists it on exchanges, a move which could drive some potentially explosive future returns.
You still have a chance with #SpongeV2… don't miss out again 💦$SPONGE #MemeCoin #Bullish pic.twitter.com/HuKpH3JTFI
— $SPONGE (@spongeoneth) March 19, 2024
SPONGE is an ERC-2o standard token on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution. It is currently $0.002918 in a pre-sale.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 416%, varying according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
SPONGE is poised to disrupt the meme coin sector with its dual revenue staking/gaming model.
Take advantage of this window of opportunity to stake $SPONGE and secure Sponge V2 tokens before exchange listings bring the project mainstream.
Buy And Stake SPONGE On The Website
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
