Floki Inu, a popular meme coin, has seen its price skyrocket in the recent days. Joining the ranks of more established cryptocurrencies such as Bitcoin and Jasmy, Chancer’s pre-sale has raised over $309k in the span of a week, contributing to the current crypto frenzy.
The Crypto Fear and Greed index has jumped to the ‘Greed Zone’ of 55, while the CNN Money index has moved to the ‘Extreme Greed’ area of 75. Other cryptocurrencies have also witnessed a surge in their prices, with Pepe, Bitcoin Cash, and Floki Inu all increasing by over 20% in just 24 hours.
So, what is causing the rising price of Floki Inu? The Floki ecosystem, made up of Valhalla (a metaverse platform), FlokiFi (a DeFi product), and NFT collections, has been gaining traction in the blockchain industry. A significant factor contributing to the surge in prices is the current move towards traditional finance, also known as ‘TradFi’. Last week Blackrock applied for the iShares Bitcoin Trust, a move that has been followed by other financial service providers such as Invesco and WisdomTree.
The news regarding Deutsche Bank’s decision to file for a crypto custody license in Germany also bodes well for the industry. However, the impact of these news is mainly felt by Bitcoin, as all these companies have focused on it. Altcoins, such as Floki Inu, have only benefited from the alleviation of regulatory pressure.
At the moment, the Floki Inu price is projected to continue its rise, with the next level to watch being set at $0.00035.
Chancer, a company that plans to revolutionise the sports betting industry using the blockchain technology, has also experienced success. Having raised over $309k from investors in its token sale, the company has sold over 30.9 million $CHANCER tokens. Its features include social betting, predictive markets, and live-streaming.
When it comes to investing in pre-sale tokens, it is important to remember that it is a high-risk and high-reward endeavour. It is thus important to read the Chancer white paper and only allocate funds that are willing to be lost.
