The market saw a notable recovery on Saturday, with Solana-based **BONK** leading the dog-themed meme coin rally, after Bitcoin surged above $98,000, following a sharp decline to around $93,000 on Friday. 📈
🌟 Meme coins shine
According to data from **Coingecko**, **BONK** has seen a 30% increase, while **Dogecoin**, **Shiba Inu**, **Dogwifhat**, and **Floki Inu** have all surged by as much as 20%. Notably, the dog-inspired tokens have, on average, gained 8% in value over the past 24 hours, outperforming the overall market, which is up 4.5%. 📊
Meme coins are known for their high volatility, often outperforming larger tokens during price rallies, acting as a double-dip bet on the overall market sentiment towards cryptocurrencies. Recently, **Floki** was recognized by the US Commodity Futures Trading Commission as a utility coin. 🏆
⚙️ FLOKI – A Utility Coin
The token was mentioned during the Global Markets Advisory Committee meeting on November 21, where the focus was on providing clarity to digital markets. The committee highlighted **Floki** for its growing scalability, particularly **Valhalla**, the blockchain-based metaverse game set to launch in 2025. **FLOKI** will be the game’s primary currency, allowing players to earn and spend it, supporting its classification as a utility currency. 🎮
It’s worth noting that tokens that offer immediate practical use, such as Floki’s role in Valhalla, are considered non-security commodities. The subchapter has clarified that utility coins must offer “immediate, non-incidental, consumable use” to qualify. 🔑
🌱 Growth of the FLOKI Ecosystem
The **Floki** ecosystem has seen significant growth over the past year, with the launch of **Valhalla**, a metaverse game, and **FlokiFi**, a decentralized finance platform for locking assets. Additionally, the **Floki** developers introduced **Floki University**, an educational initiative aimed at promoting financial literacy in the blockchain space. 📚
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