CandleFocus Bonk Rockets 30% to Lead Dog Meme Rebound; Floki Termed 'Utility Token' by CFTC
2024-12-21
Author: Content Editor
The Solana-based meme token BONK experienced a 30% surge, leading the growth among dog-themed tokens, as bitcoin recovered above $98,000 after a market downturn. Other dog-themed tokens, such as dogecoin, shiba inu, dogwifhat, and floki, also saw significant gains. The overall dog-themed token category gained 8% in the past 24 hours, outperforming the broader crypto market. The increase in these meme coins may be due to their high volatility and their association with the overall market sentiment. However, there are also fundamental factors contributing to the gains. Floki, in particular, was mentioned by the CFTC as a utility token, giving it validation and distinguishing it from other meme coins. Additionally, the BonkDAO burned a significant number of tokens, which could increase the token's value through scarcity. Observers believe that the token burn could reach its target in the coming weeks.
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