Elon Musk is the founder of SpaceX and Tesla, making him the most famous figure in cryptocurrency dynamics. Consider how many tokens are strongly associated with him – first, the Dogecoin(DOGE), then the Shiba Inu(SHIB), and most recently the Dogelon Mars [ELON] and Floki Inu (“FLOKI”).
Although these Musk-related cryptocurrencies are on the rise, early speculators have made a lot of money. However, Musk does not support them all. It is tempting to jump on the bandwagon but Dogelon Mars rallies and Floki Inu rallies rely on hype, not fundamentals. This could lead to a bubble.
Floki Inu launched in June. It has seen a 7,448% increase in sales to date. The market cap now stands at $2.54 billion. Dogelon Mars’ market cap has risen by 3,796% in the three months since April’s launch and now stands at $1.08 billion. Similar to Shiba Inu and Dogecoin, their developers have adopted the meme-hungry cryptocurrency community as well as the unofficial mascots, Tesla CEO Elon Musk.
Dogelon Mars and Floki Inu were likely able to rise above their peers because of the way they were named. The public’s fear that they might lose out is another factor that could have contributed to their rapid growth. Investors who lost out on tokens similar to Shiba Inu wanted the next big thing.
These memes tokens, however, are ideas or fantasies. Developer Dogelon Mars stated that the main idea behind Dogelon Mars is to help people go to Mars. However, the background to this vision is in 2420, which is 400 years past our age.
Although the whitepaper of Floki Inu promises some promising developments, such as a gaming metaverse called Valhalla or an educational platform called Floki Inuversity (which is likely not the true reason for the company’s meteoric rise), these plans are unlikely to be the key.
The Financial Times published an article about Floki Inu’s huge advertising campaign for London’s subway system. It is described as a “full-out marketing assault” and funded by a fee of 4% on purchases. The slogans include “Missed Doge?” “Get Floki” is a way to create fear about buying in public. Analysts warn these tactics are similar to illegal pump-and dump schemes, which aim to quickly boost the stock price through aggressive promotion and then sell to unfortunate investors.
However, this does not mean that all meme coins are just jokes. The market is now interested in a new meme coin, HuH Token (HUH). The creators stress that HUH is a “Utimeme”, a meme coin that connects to Binance’s distribution system and may have real-world value. They have also announced a referral incentive program. Referring friends will result in a 10% redistribution to the referee’s initial investment at BNB.
According to reports, HUH Token is surrounded by a large number of supporters who are eagerly awaiting the token’s release onto the open market. HUH Token is currently going through circuit audits in order to make sure there are no issues and that investors get the best service.