This Popular Meme Coin Flips Monero (XMR) and Cronos (CRO) Following a New ATH: Details

TL;DR

• The cryptocurrency market surged on June 5, with Bitcoin (BTC) exceeding $71,000.
• The meme coin sector is also well in the green, with one asset of that type tapping a new all-time high.

The Token’s Latest Surge

The cryptocurrency market is flashing green today (June 5), with numerous leading digital assets charting substantial increases. Bitcoin (BTC) surpassed the $71,000 mark for the first time in two weeks, while Binance Coin (BNB) hit a new all-time high of over $715.

The meme coin sector has been thriving, too. The biggest tokens of that type in terms of market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – are up 4% and 8%, respectively, while Bonk Inu (BONK) jumped by 10% on a daily scale.

One meme coin that outperformed the aforementioned is the dog-themed Floki Inu (FLOKI). It witnessed a 30% price surge to hit a fresh all-time high of approximately $0.0003394 (per CoinGecko’s data).

FLOKI’s market capitalization exceeded the $3.2 billion mark for the first time ever, thus flipping popular altcoins such as Cronos (CRO), Monero (XMR), Arbitrum (ARB), and more. The meme coin is currently the 40th-biggest cryptocurrency and the fifth-largest in its cohort. The fourth place belongs to the Solana-based dogwifhat (WIF), whose market cap is around $3.5 billion. 

One person who noted FLOKI’s latest success is the popular X user KALEO. The analyst assumed that the token’s market capitalization could “easily” skyrocket to $10 billion during the next bull cycle.

The Possible Contributing Factors

The overall bullish condition of the cryptocurrency market is not the only element that has potentially propelled FLOKI’s recent rally. Another essential factor could be the decision of the Floki DAO (the decentralized autonomous organization that governs the meme coin) to destroy over 15 billion assets. The vote was passed with an overwhelming majority of 99.84%.

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Removing a substantial amount from the asset’s circulating supply makes it scarcer and more valuable in time (assuming demand stays the same or rises). 

Last but not least, the price resurgence might be linked to DWF LABS’ purchase of 12 million FLOKI tokens to support the meme coin’s ecosystem.

The Web3 investment firm initially disclosed its partnership with the meme coin in May last year when it purchased $5 million of the cryptocurrency. Earlier this year, it doubled down on the collaboration by acquiring $10 million worth of FLOKI tokens.