Why Dogecoin, Shiba Inu Rival Floki Inu Is Skyrocketing

Feb 27, 202400:04 UTC

Floki Inu is trading higher by 18% to $0.00004336 Monday evening. Several altcoins and stocks related to the crypto industry are experiencing marked gains, alongside Monday's surge in Bitcoin's price. Bitcoin is hovering around the $55,000 price level, reaching a new high for the past 52 weeks.

Floki Inu is often referred to as a spinoff of Dogecoin and Shiba Inu . The altcoin is based off of an Elon Musk tweet in which he stated that his Shiba Inu would be named "Floki."

Crypto-Related Stocks Soar Monday

Bitcoin and other cryptocurrency-related stocks are experiencing a boost in response to Bitcoin’s price hitting its highest level since December 2021. This surge is driven by increased demand following the approval of spot ETFs and anticipation of the upcoming halving event in April.

Notably, Bitcoin mining stocks have seen significant gains recently, likely due to both strong earnings and the overall bullish trend in the cryptocurrency market...Read More