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Floki (CRYPTO: FLOKI) extended its winning streak Wednesday, notching up impressive gains on the price charts and ranking high on social interactions.
What Happened: The memecoin, named after Tesla and Space X CEO Elon Musk’s Shiba Inu dog, bagged the 1st spot on LunarCrush AltRank™–a social analytics platform that evaluates cryptocurrencies based on social activity and market performance.
The asset was ranking higher than bigger and more popular coins like Solana (CRYPTO: SOL) and Shiba Inu (CRYPTO: SHIB)
FLOKI clocked double-digit gains in the last 24 hours, and more than 23% over the week, emerging as one of the best performers in the cryptocurrency market.
Apart from the broader bullish sentiment in the sphere, the dog-themed token reacted to the passage of the proposal to burn nearly 15.24 billion FLOKIs with an overwhelming majority. The Floki DAO said that all the tokens would be burned within a week, potentially leading to more upward pressure.
Why It Matters: FLOKI's outperformance signaled the emergence of another memecoin, which remained subdued during much of 2023. Conversely, it has grown 6X year-to-date.
A popular cryptocurrency trader who goes by the alias Captain Faibik, projected a 180–200% bullish rally for the coin up to $0.000366, noting that it has already begun its ascent.
Price Action: At the time of writing, FLOKI was exchanging hands at $0.0002161, following a 12% surge in the last 24 hours, according to data from Benzinga Pro.
Read Next: Dogecoin Layer-2 Developments Boost Trader Outlooks: ‘Worth Keeping An Eye On Here’
