This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details

Turkish lire; Dr

• Floki Inu (FLOKI) has seen a 20% rise in the past 24 hours, boosting its market capitalization to around $2.6 billion and reclaiming fifth place in the meme coin sector.
• Increased interest from traders, upcoming announcements, and massive token burning by Floki DAO may have contributed to the price surge.

Floki is on the move

The meme sector has seen a significant rebound over the past 24 hours, with multiple assets of this type in the green zone. The dog-themed Floki Inu (FLOKI) is among the top performers, scoring nearly 20% Increase on a daily scale.

Its market capitalization briefly jumped to nearly $2.7 billion, and is currently hovering around $2.6 billion. Thus, it became the fifth largest meme coin, surpassing Solana-based BONK Eno, which has a market capitalization of about $2.5 billion.

FLOKI's recent rise coincides with increased interest from traders. The team behind the project open The asset has become the most popular coin on the Binance platform at recent daystrending above the latest sensation Pepe (PEPE). Shortly after, the token topped up Same ranking on OKX, outperforming ETH, PEPE and BONK.

This week promises to be eventful for Floki Inu. The team said it will make a “major announcement” today (May 27), while US-based cryptocurrency exchange Coinbase will make a release three days later. launch Floki permanent contracts.

This type of derivative product in the cryptocurrency market allows traders to speculate on the future price movements of certain digital assets without owning them. Perpetual contracts are similar to traditional futures contracts but do not have an expiration date. this It means that people can hold their positions indefinitely as long They maintain the necessary margin.

Burning efforts

Another potential factor that could contribute to FLOKI's recent rally is Floki DAO's decision to burn over 15 billion tokens. And the vote was Passed An overwhelming majority of 99.84% in mid-May.

Removal a substantial amount Assets from circulating supply lead to increased scarcity and a potential rise in prices (assuming demand stays the same or rises).

Shiba Inu is another popular meme that has adopted this burning mechanism. A week ago, SHIB's burn rate surged nearly 600%, sending nearly 10 million assets to an empty address.

Meanwhile, the price of self-proclaimed Dogecoin has risen by about 6% over a seven-day range, while its market capitalization recently crossed the $15 billion mark.