As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market swings and trends. Today (June 5), however, feels particularly exciting with the cryptocurrency market surging once again. Bitcoin (BTC) breaking past $71,000 is a strong sign of the bullish sentiment that’s been building up, while Binance Coin (BNB) hitting a new all-time high of over $715 only adds to the momentum.
TL;DR
- The cryptocurrency market surged on June 5, with Bitcoin (BTC) exceeding $71,000.
The meme coin sector is also well in the green, with one asset of that type tapping a new all-time high.
The Token’s Latest Surge
On June 5, the cryptocurrency market is displaying positive signs with many prominent digital currencies recording notable gains. Bitcoin (BTC) has broken through the $71,000 barrier for the first time in two weeks, while Binance Coin (BNB) has reached a new peak price above $715.
The meme coin market is experiencing significant growth. The leading tokens in this category based on market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – have risen by 4% and 8%, respectively, in just one day. Bonk Inu (BONK), another notable meme coin, has surged by an impressive 10%.
As a researcher examining the meme coin market, I’ve noticed that one standout performer among those previously mentioned is Floki Inu (FLOKI), the dog-themed cryptocurrency. It experienced a substantial 30% price increase and reached a new all-time high of around $0.0003394, according to CoinGecko’s data.
For the first time, FLOKI‘s market capitalization surpassed the $3.2 billion milestone, pushing past established altcoins like Cronos (CRO), Monero (XMR), and Arbitrum (ARB). Currently ranked as the 40th largest cryptocurrency and fifth-largest within its peer group, FLOKI boasts a significant market presence. Solana’s “dog wifhat” (WIF) holds the fourth position with a market cap approximating $3.5 billion.
One individual who acknowledged FLOKI‘s recent achievement is well-known X user KALEO. This observer speculated that the token’s market capitalization might effortlessly reach a staggering $10 billion during the upcoming bull market.
The Possible Contributing Factors
The overall bullish condition of the cryptocurrency market is not the only element that has potentially propelled FLOKI’s recent rally. Another essential factor could be the decision of the Floki DAO (the decentralized autonomous organization that governs the meme coin) to destroy over 15 billion assets. The vote was passed with an overwhelming majority of 99.84%.
Reducing a significant portion of an asset’s available supply in circulation makes it less common and increases its worth over time, given constant or rising demand.
The recent price surge could be attributable to DWF LABS’ acquisition of 12 million FLOKI tokens. This purchase was intended to bolster the ecosystem of the meme coin.
In May of the previous year, the Web3 investment firm first revealed its alliance with the meme coin by investing $5 million in the cryptocurrency. More recently, they strengthened their commitment to this partnership by purchasing an additional $10 million worth of FLOKI tokens.
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2024-06-05 11:26