The founder of Tesla and SpaceX, Elon Musk, is the most iconic figure of the worldwide cryptocurrency dynamics. Just consider how many popular tokens are highly associated with him – first the Dogecoin (DOGE), then Shiba Inu (SHIB), and recently the Dogelon Mars (ELON) and Floki Inu (FLOKI).
These Musk-related cryptocurrencies are soaring, making early speculators boatloads of money, but even Musk himself does not show support to every one of them. Although it is tempting to hop on the bandwagon, Dogelon Mars and Floki Inu rallies are based on hype but not fundamentals, which means the bubble could soon pop.
Floki Inu was launched in June and is up by 7,448% to date and now boasts a market cap of $2.54 billion. Dogelon Mars has gone up by 3,796% since its April launch, and the market cap has reached $1.08 billion. Likewise, to Dogecoin and Shiba Inu, their developers have embraced the meme-hungry cryptocurrency community and the unofficial mascots: Tesla’s CEO Elon Musk.
Floki Inu and Dogelon Mars were probably able to rise above the crowd because of their well-targeted name. Another factor that may have contributed to their dramatic growth is the public’s fear of missing out, as investors who lost out on comparable tokens like Shiba Inu wanted to bet on the next big thing.
Nevertheless, these memes tokens are, after all, ideas or even fantasies. The fundamental idea of launching Dogelon Mars, stated by the developer, is to help people take the trip to Mars, but the background of this vision is set in 2420 – 400 years beyond our age!
While the Floki Inu’s whitepaper provides some seemingly promising development plans, including a gaming metaverse called Valhalla and an educational platform called Floki Inuversity, these projects are probably not the real reason for its meteoric rise.
The Financial Times reported on Floki Inu’s massive advertising campaign on London’s subway system. The passage describes it as a “full out marketing assault” funded by a 4% fee on purchases and includes slogans like “Missed Doge? Get Floki” designed to trigger a fear to buy in public. Analysts have warned these tactics are “similar to those used by illegal pump-and-dump schemes”, which aim to rapidly boost the price of public stocks through aggressive promotion before selling and leaving unfortunate late investors holding the bag.
But that does not mean all meme coins are merely jokes. A new meme coin called HUH Token (HUH) is catching the attention of the market. The creators emphasise that HUH will be a “Utimeme” – a meme coin that may give real-world value by connecting to Binance’s distribution mechanism. They’ve announced a referral incentive programme. Holders who refer friends will receive a 10% redistribution of the referee’s initial investment as BNB.
It has been reported that HUH Token has a legion of followers “eagerly awaiting the release of the token onto the open market”. HUH Token is now going through several circuit audits to ensure that there are no hitches and that its investors receive a high level of service.