This Meme Coin Is Leading Crypto Market Gains, Here’s Why

Floki Inu, a meme coin, has emerged as one of the best performers in the crypto market in the last day. Where other cryptocurrencies in the space are seeing low single-digit gains, the meme coin has been able to mount an impressive rally, leading to double-digit gains.

Floki Inu Surges Over 11%

In the early hours of Tuesday, the price of Floki Inu is already up more than 11%. The meme coin was able to clear the resistance at the $0.00004 level which led to it rallying above $0.000048 to register new weekly highs.

The meme coin has since corrected back downward but its current price level above $0.000044 still puts it with an over 10% gain in the last 24 hours, making it one of the best performers during this time. As a result, Floki Inu is currently topping Coinmarketcap’s list of gainers ahead of heavy hitters such as GMX and MATIC.

It is also the best performer of the top meme coins in the space, recording gains where most digital assets are still struggling to hold on to gains from last month. Its volume surged as well in the last day at a much higher pace than the price, jumping over 82% to be sitting at over $44 million.

What Is Pushing The Meme Coin’s Price?

A significant announcement was behind the price increase recorded for the meme coin. Taking to Twitter, the Floki Inu team announced that the digital asset was going to be listed on WazirX, the largest crypto exchange in India. 

The exchange opened deposits for the meme coin on Monday in anticipation of trading, triggering tremendous momentum for the coin as investors rushed to take advantage of the new listing. A good amount of the positive sentiment around the listing is the fact that the exchange is actually owned by the largest crypto exchange in the world, Binance, sparking hope that the crypto giant would list the coin in the future.

Furthermore, the team also announced that FLOKI has partnered with a major cricket team in the country. The India Maharajas will sport the Floki Inu brand on their shirts in a league that attracts a reported 700 million fans worldwide.  

FLOKI’s price has slowed down since its initial pump but it is still trending at a price of $0.00004404 at the time of this writing. Its market cap is sitting at $392 million, making it the third-largest meme coin by market cap, according to data from Coinmarketcap.