The meme coin craze is back in full force this week, with viral sensations FLOKI and WIF leading the charge. FLOKI gained around 250% over the last 7 days – an impressive feat considering major memes coins like SHIB, PEPE, BONK, and DOGE have also pumped. However, WIF rose even more astronomically, rocketing 350% on decidedly meme-ish volume.
This parabolic price action has propelled the market capitalizations of FLOKI and WIF to around $1.1 billion and $1.5 billion respectively. Needless to say, holders of both coins are quite pleased with these gains. The sustainability remains to be seen, but the hype is real and social media is abuzz about both projects.
What is driving this surge of interest in FLOKI and WIF? Speculation is running rampant, fueled by community excitement and derivatives traders looking to ride the momentum. FLOKI benefits from an aggressive supply-burn mechanism, destroying 2% with every transaction, while WIF traders anticipate upcoming spot listings.
These narratives complement the fear of missing out, creating a self-fulfilling prophecy to the upside. Of course, gravity remains undefeated in crypto, and sharp pullbacks are possible. Yet meme magic has a way of attracting buyers to these dips. Expect the rollercoaster to continue.
Popular crypto analyst Skew, who boasts over 100k Twitter followers, weighed in:
“Meme coins of the day, in partnership with @Bybit_Official are Floki and WIF. $WIF & $FLOKI are my main focus here because they’re both up 40% & now sustaining multi 9 fig volume (24hr) Pretty nuts if you ask me.”
Skew goes on to explain that the strength of the narratives around both coins, along with increased spot flows and open interest on derivatives exchanges like Bybit, are fueling the rise. For example, he cites WIF’s eventual spot listings and FLOKI’s 2% supply burn mechanism as driving interest.
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Show more +Additionally, Skew notes that open interest on FLOKI and WIF perpetual swap contracts has jumped 150% in just two days. Bybit is offering up to 200% APR for providers of liquidity in these pairs. As Skew puts it: “The good ole buy long liquidations and sell higher trick in meme season.”
In other words, hype and speculation around FLOKI and WIF are through the roof right now. Traders are piling into these tokens looking to ride the wave. However, such parabolic runs often end in sharp pullbacks before continuing their ascent. Savvy crypto traders will look to buy these dips and sell into strength.
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