Meme coins are back – and Floki (FLOKI) is leading the way.
The popular Shiba Inu-inspired token saw a massive 26% price pump in the past 24 hours and is now trading around $0.000329.
While FLOKI continues to rise, PlayDoge (PLAY), a brand-new P2E meme coin, is also drawing attention in its much-hyped ICO phase.
Floki’s Explosive Week Sees 45% Surge & New ATH
FLOKI has been on fire in the past week.
The token has rocketed 45% since last Monday, hitting a new all-time high of $0.000346 earlier today.
Although the rally has slowed, FLOKI is still consolidating around that high as investors ponder what’s next.
Spot trading volumes have also exploded 100% to $1.4 billion.
This increase has sent FLOKI into the top 10 most traded cryptocurrencies worldwide.
It’s also now the second most traded meme coin on the market, hot on the heels of Pepe (PEPE).
However, while the vertical rise has delighted FLOKI holders, it’s also attracted skepticism.
For example, some traders believe the rally is unsustainable, and FLOKI will pull back aggressively – much like it did when it created a new ATH last week.
When FLOKI posted a new record value seven days ago, the token retreated by 25% in the five days that followed, and many are wondering if history will repeat itself.
Regardless, the token’s current momentum suggests there could be more room to run before any pullback occurs.
Key Catalysts Behind FLOKI’s Recent Rally
FLOKI’s rise can be attributed to two key catalysts.
First, the token hit a massive milestone by crossing over 417,400 holders on the BNB Chain yesterday.
Not bad for a project that’s only been on that chain for three years.
With that achievement, FLOKI has extended its lead as the biggest meme coin on the BNB Chain.
But the real thrust behind FLOKI’s rally is the announcement that crypto trading firm DWF Labs is investing $12 million in the token.
The purchased tokens will come from the open market and the Floki Treasury.
DWF Labs has invested in FLOKI to support and expand the token’s growing ecosystem.
FLOKI’s team is preparing to launch the mainnet version of its hyped-up Valhalla metaverse game later this year.
Plus, other new offerings like a trading bot and the “.floki” domain are on the horizon.
Ultimately, this colossal capital injection from DWF Labs is seen as a strong vote of confidence in FLOKI’s prospects – which is why the token’s price has been pumping this week.
New Meme Coin PlayDoge Combines P2E Gaming & Retro Vibes
Alongside FLOKI, another meme coin has also been generating huge momentum.
That coin is PlayDoge – a new project that combines the popular Doge meme with P2E gaming.
PlayDoge has stormed out of the gates since its ICO kicked off last week.
The ICO has already raised over $2.1 million in funding from early investors – impressive for such a new meme coin.
Investors have been clamoring to get involved since PLAY tokens can be bought for just $0.00503.
But that rock-bottom rate will only last two more days before rising in the next stage.
So, what’s all the hype about?
PlayDoge is tapping into serious multi-billion market potential by offering P2E gaming capabilities.
The planned mobile app will allow players to become “parents” of 8-bit Doge pets and earn PLAY tokens based on how well it’s cared for.
Feed it, play games with it, and bond with it – the more love a player shows, the more PLAY tokens they’ll receive.
It’s a nostalgia-fueled concept that’s resonating with retail investors.
This buzz is evidenced by PlayDoge’s Twitter page attracting over 1,800 followers in just seven days.
Even well-known YouTubers such as Crypto Gains have jumped on the bandwagon too, adding to the hype.
With a roadmap featuring ambitious goals like community airdrops and CEX listings, PlayDoge’s team is focused on long-term success.
And if the momentum keeps growing, PlayDoge could see a rally like FLOKI once it enters the open market.
