Meme coin FLOKI appears to have rebounded from a March 19 bottom of $0.000165 as it trades today at $0.000225, a hefty appreciation of about 36%, according to figures taken from CoinGecko.
Like Dogecoin (DOGE) and Shiba Inu before it (SHIB) and BONK and DogWifHat (WIF) after it, FLOKI is based on the eminently memeable Shiba Inu.
However, FLOKI’s inspiration and IRL namesake is a Shiba Inu with a famous owner: Elon Musk.
FLOKI ROADMAP: WHAT’S NEXT ON OUR AGENDA…
From the get-go, we’ve been VERY clear about our goal for Floki:
To be the most known and most used cryptocurrency in the world.
Our new roadmap outlines how we intend to achieve this:https://t.co/cBqJXwhziH pic.twitter.com/hBydq4D4lX
— FLOKI (@RealFlokiInu) March 22, 2024
In terms of overnight gains, DOGE and SHIB firmly outpaced FLOKI. The largest meme coin by market capitalization, DOGE, blew up by about 4.7% overnight. SHIB posted more modest 24-hour gains of about 1.2%.
FLOKI’s performance is more in line with the broader market, though. In general, crypto is down today. Market leaders Bitcoin and Ethereum both shed 2.5% while FLOKI dropped 7.7% to post heavier overnight losses than any of the top thirty cryptocurrencies by market capitalization.
Over on FLOKI’s trading chart, we can see that it is currently trading at a new support level that it found after a sharp but volatile rally in early March.
FLOKI is roughly the same price as its 30-day moving average, and with a relative strength index (RSI) reading of 49 there is likely to be more selling throughout the day but the price is altogether stable
As FLOKI Rebounds, GBTC Gains Momentum
Meme coins are a whimsical game.
The rapid nature of their price movements, which often exaggerate the gains and losses of market leaders like Bitcoin, make them into a bit of an investment gamble, often with higher stakes involved.
That’s why prudent investors limit and spread risk and diversify their portfolios with more useful (although perhaps less funnier) projects.
However, in assessing projects to speculate on, two considerations reign supreme: utility and upside potential.
Green Bitcoin (GBTC) just raised $7.6 million over a two-week-long presale because early investors think it checks those two boxes.
GBTC has a hardcap of 21 million, a clear nod to its inspiration, Bitcoin. Limiting the number of tokens in circulation creates value through scarcity.
Only $400K away from the Green Bitcoin Presale BEING FILLED!
Our journey starts HERE!
Follow us and make sure to tag a friend for your chance to win $200 worth of Green Bitcoin! pic.twitter.com/9YQfzXilgJ
— GreenBitcoin (@GreenBTCtoken) March 20, 2024
However, GBTC’s use of Ethereum’s proof-of-stake (PoS) blockchain over Bitcoin’s less energy-efficient proof-of-work mechanism makes it cleaner and greener than its inspiration.
Green Bitcoin touts itself as a “gamified green staking” project. Essentially, token holders participate through the staking platform, where they earn GBTC rewards by predicting Bitcoin price trends.
Holders can stake their tokens for up to six months to earn even bigger rewards.
Staking is a fundamental part of Green Bitcoin’s tokenomics. By reducing GBTC’s circulating supply, staking helps drive the price over the long term.
Anyone can get involved by simply visiting the official Green Bitcoin website and connecting a crypto wallet.
1 GBTC presently costs $1.1062, with the price due to rise in a little over six days.
There are still a few weeks left of the presale, and the token could rally sharply by the time it’s listed on major exchanges.
Get in early and Buy Green Bitcoin Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
