The meme coin market saw a surprise resurgence today as two notable meme tokens – Floki Inu and PepeCash – pumped over 25% following announcements of significant support from large cryptocurrency companies.
Floki Inu, the Shiba Inu-inspired meme token, climbed over 25% to trade near $0.000044 after industry leader DWF Labs purchased an additional $1.25 million worth of FLOKI tokens. DWF Labs, a prominent digital asset market maker, expressed its strong commitment to supporting the Floki ecosystem going into what is predicted to be crypto’s biggest bull market yet.
The seven-figure injection of capital from DWF Labs validates Floki Inu’s ambitions of becoming a leader in the meme coin space. It demonstrates faith in Floki’s long-term potential and comes at a time when retail interest in meme coins is rising again. Floki continues work on expanding its decentralized applications and utilities to further separate itself from other meme projects.
Meanwhile, Binance – the world’s largest crypto exchange – announced a new promotion involving PepeCash (PEPE) that saw the rare meme token surge over 27% to around $0.0000016. Binance Loans will give the first 800 users who borrow at least 30 USDT worth of any token using PEPE as collateral a 10 million PEPE locked product position.
This promotional campaign marks renewed interest from Binance in supporting PEPE and signals confidence that rare meme coins still have room to pump further. With major exchange backing, Pepe appears well-positioned to ride the wave of recovering meme market sentiment alongside Floki Inu.
Start using $PEPE as collateral with #Binance Loans.
— Binance (@binance) December 4, 2023
For a limited time, get 10M $PEPE when borrowing any token against it.
More here 👉 https://t.co/saPqsEIub1 pic.twitter.com/wpYVqsXV1s
Today’s strong gains for FLOKI and PEPE demonstrate that while the broader crypto winter continues, some of the most renowned meme projects still have dedicated backing from influential industry players. Major support at the current low prices could see these cult favorites start to regain lost ground as speculative retail interest returns to crypto.
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