On December 21, 2024, Bitcoin rebounded sharply, climbing above $98,000 following a significant drop to nearly $93,000 the previous day. This recovery coincided with a notable surge in dog-themed memecoins, particularly Bonk (BONK), which rose by 30%.
Other memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw gains of up to 20%, contributing to an average increase of 8% in the dog-themed token category, outpacing the broader market's 4.5% rise as tracked by the CoinDesk 20 index.
FLOKI, alongside Ether (ETH) and Avalanche's AVAX, was recognized as a utility token in a recent CFTC meeting, highlighting its potential value. FLOKI's lead developer mentioned that the upcoming Floki Valhalla metaverse game, set to launch in early Q1 2024, and the successful Floki Trading Bot, which has generated over a million dollars in fees, position FLOKI uniquely among its peers.
Additionally, BonkDAO's initiative to burn 100 billion BONK tokens last month and a target of one trillion token burn in December aims to enhance scarcity and potentially drive up prices further.