In a recent recovery on Saturday, BONK, a Solana-based meme coin, led the rally among dog-themed meme coins as Bitcoin bounced back above $98,000 after a drop to around $93,000 on Friday. Memecoins like BONK, Dogecoin, Shiba Inu, Dogwifhat, and Floki Inu saw significant surges, with BONK leading the pack with a 30% increase. On average, dog-themed tokens saw an 8% increase in value over the past 24 hours, outpacing the overall market, which rose by 4.5%. Memecoins are known for their high volatility and often outperform major tokens during price rallies, serving as leveraged bets on the overall sentiment of the crypto market.
Floki, another meme coin, was recognized by the U.S. Commodity Futures Trading Commission (CFTC) as an example of a utility token during the Global Markets Advisory Committee meeting on Nov. 21. The committee highlighted Floki for its growing ecosystem, particularly Valhalla, a blockchain-based metaverse game set to launch in 2025. FLOKI will serve as the primary currency in the game, allowing players to earn and spend it, thus supporting its classification as a utility token. Tokens like Floki, which offer immediate practical use, are being acknowledged as non-security commodities by regulatory bodies.
Floki’s ecosystem has witnessed significant growth over the past year, with the introduction of Valhalla, a metaverse game, and FlokiFi, a decentralized finance platform for asset locking. The developers of Floki also launched Floki University, an educational initiative aimed at boosting blockchain literacy. The lead developer of Floki emphasized that the project’s focus on practical utility sets it apart from other memecoins, especially when market attention shifts back to fundamentals.
Interest in BONK is on the rise as efforts to reduce its token supply gain momentum. BonkDAO burned 100 billion tokens in November and plans to burn a trillion tokens in December, which could potentially increase the token’s value due to scarcity. Over the last 30 days, more than 30 billion BONK tokens have been burned across 3,856 wallets, averaging a billion daily. Leading the charge in token burns are Bonkbot_io and BonkEarn, setting a high standard for burns in the industry. With 1 trillion BONK set to be burned soon, the token’s scarcity could further drive up its value in the market.
Overall, the recent rally in meme coins like BONK and Floki highlights the significant role that dog-themed tokens play in the crypto market. With the growing recognition of utility tokens like Floki and the increased efforts to reduce token supply in projects like BONK, the meme coin sector is witnessing both innovation and sustainability. As the market continues to evolve, meme coins are proving to be not just speculative assets but also tokens with real-world utility and potential for long-term growth.
