The Floki price experienced a significant double-digit increase over the weekend as the meme token appeared on Chinese television during the World Table Tennis Championships, thanks to a billboard advertisement powered by Floki.com. With this new exposure, some in the crypto community are wondering if Floki could potentially overtake Pepe, another popular meme coin.
Sun Yingsha, an Olympic champion, won the table tennis championship on May 28th. The official @RealFlokiInu Twitter account pointed out in a tweet that this television appearance may have introduced Floki to over 100 million people in China. The timing is particularly interesting, as Hong Kong is set to legalize cryptocurrency in just a few days.
Trading volume for Floki has skyrocketed, increasing nearly 400% in the past 24 hours, according to CoinMarketCap. While Floki recently rebranded itself to distance from its former name, Floki Inu, it has still managed to become one of the top meme coins, now ranking #101 among cryptocurrencies by market cap. Its market cap now sits at well over $330 million, making it the fourth largest meme coin.
Trader @Phoenix_Ash3s is optimistic that the China pump could lead to a continuation in Floki’s price rally. Between May 24th and today, the Floki price rallied almost 25% before experiencing a pullback. This helped the coin to recover some of the losses it suffered following its Binance listing on May 5th.
Crypto Tony suggests that both Floki and Pepe can start pushing up from current support levels, as both coins are in a descending triangle pattern. If Floki’s price were to rally 60% from its present position, it would surpass Pepe in market cap, reclaiming the position as the third-ranked meme coin. On the other hand, if the Pepe market cap were to drop (currently standing at just over $570 million), this could happen even sooner.
For Pepe to flip Shiba Inu and Dogecoin, it would need to increase almost 10x and 20x, respectively. However, there’s a new meme coin on the horizon that could potentially rival Floki: Wall Street Memes (WSM). Set to be listed on exchanges in Q3 2023, this upcoming coin’s token presale ($WSM) has already raised over $800,000 since May 26th. With a strong community on Twitter and Instagram, numbering over one million, the $WSM army appears to be ready to support the Wall Street Memes token.
While it remains to be seen if these meme coins will surpass each other, the recent exposure in China could potentially lead to a sustained growth trend for Floki. For now, the crypto community will be keeping a close eye on these digital assets as the market continues to develop. Learn more about the potential next Floki Inu rival at wallstmemes.com.
Source: Cryptonews
