This market is evolving at such a rapid pace that putting it into words is difficult. Once the rise of a crypto token had peaked, a new obscure token would almost always have surpassed the previous rising star.
To commemorate Musk’s tweet of his Shiba Inu, the value of the meme coin known as Floki Inu increased 1,000% in just two days.
Ryoshi, a man who goes by the name Satoshi Nakamoto, created the cryptocurrency in August 2020
Elon Musk has been seen putting his weight behind the project since March of this year. He announced on Twitter that he will be getting a Shiba Inu in March of 2021. Later that month, he tweeted, ‘My Shiba Inu is going to be named Floki.’
Floki Inu currently has a price of $0.00007731 and a trading volume of slightly more than $16 million. When purchasing a million coins, this equates to a $7.7 savings. According to coingecko.com, the value of Bitcoin increased by 24 percent in a single day on October 18.
Although the price has risen, it is still not a significant increase given how low it was to begin with.
However, in the two and a half months between August 1 and October 15, the meme coin increased 1,200%. On August 1, there was a $0.000005 per piece increase, and on October 15, there was a $0.000065 per piece increase. It increased by more than 1,200 percent in just over two and a half months. According to the data, if you invested $500 in Coincodex on August 1, your money would have grown to $600,000 on October 15.
What exactly does a meme coin imply?
Meme coin is a cryptocurrency that is named after a popular internet meme. Dogecoin, named after a well-known dog, was the first meme coin. Shiba Inu and Floki Inu meme coins are two other inu characters.
However, there does not appear to be any compelling reason for the incredible rise in the value of Meme coins.
Experts are attempting to determine why meme coins have risen so rapidly. These coins have a large and supportive community behind them, which aids in their growth. These coins are also associated with powerful personality cults. Elon Musk, for example, has openly expressed his support for Floki Inu in his tweets.
Another reason is that because of the low entry level, retail investors are flocking to buy meme coins. This raises the value of meme coins.
There are several Indian cryptocurrency exchanges to consider for meme coins
Despite the fact that these coins have grown tremendously in value, Indian cryptos are still hesitant to jump on board.
“Exchanges like us don’t list these coins because, unlike western markets, in India, we focus a lot on customer protection and prioritise it the most, which I feel is the right thing to do,” explains Sharan Nair, chief business officer of CoinSwitch Kuber. We are taking a wait-and-see approach to ensure that customers do not lose money when investing in these coins.