New and old-school meme coins are back. Dogelon Mars (ELON) price has jumped in the past six straight days and moved to its highest point since November 2023. Floki Inu ($FLOKI), on the other hand, has roared back, rising to its highest swing since March 2023.
As I wrote a while back, this performance is because animal spiritshave returned in the stock and crypto market. For example, the CNN Money fear and greed index has jumped to the extreme greed zone of 77. Most of its sub-indices like market momentum, stock price strength, and put and call options have all moved to the extreme greed zone.
The crypto fear and greed index has also jumped to the extreme greed level of 86. In most cases, cryptocurrencies tend to rally when there is a sense of greed in the market. These gains are usually more pronounced in small-cap assets that have a low price value.
This explains why meme coins like Floki Inu and Dogelon Mars have gone parabolic in the past few days. But they are not alone. Pepe has jumped by over 62% in the past 24 hours, pushing its total market cap to almost $2 billion.
Dogwifhat, a new Solana token, has soared by over 337% in the past seven days. Some of these gains gained steam after the token was listed by Robinhood, one of the biggest stock and crypto brokers in the United States.
The other top-performing meme coins have been Solsponge, Baby Trump, Baby Doge Coin, and Coq Inu. All these coins have jumped by more than 100% in the past few days.
There have been no internal news from these coins. Floki Inu, however, has made several headlines in the past few months. For example, earlier this week, we reported that the ecosystem had attained a total value locked(TVL) of more than $105 million. A few days later, the staking TVL jumped to over $366 million.
BREAKING NEWS 🚨
Floki Ecosystem just crossed a TVL of $366 MILLION. That is more than the TVL of all memecoins combined including $DOGE, $SHIB, $PEPE, $BONK, and $WIF. It is also more than the TVL of several top blockchains. pic.twitter.com/vCA1IRwCNI
— BITCOINLFG® (@bitcoinlfgo) March 1, 2024
Therefore, there is a likelihood that these tokens will continue doing well in the coming weeks. Bitcoin halving is set to happen in April while the Federal Reserve is expected to start cutting interest rates later this year. Cryptocurrencies tend to rally ahead of these events.
As such, the next Floki Inu price to watch will be at $0.00020 while ELON may surge from $0.0000003 to over $0.000005.
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