Here’s why Casper (CSPR) and Floki Inu are going parabolic

December 05, 2023 05:43 AM PST | By Invezz

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Here’s why Casper (CSPR) and Floki Inu are going parabolic — Image source: Invezz

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Casper Network (CSPR) and Floki Inu (FLOKI) prices went vertical this week as crypto traders continued pumping altcoins following the Bitcoin surge. Floki, one of the most popular meme coins, surged to a high of $0.000047 on Tuesday, its highest point since May 2023. It has risen by more than 190% from its September lows.

Casper’s price action has been more dramatic than Floki Inu as it jumped to a high of $0.051, its highest level since May 29th. It rose by more than 45% from its lowest point on Tuesday to its highest level, making it one of the top-performing coins in the industry.

Floki Inu vs Casper Network chart

Casper and Floki went parabolic as its volume in exchanges jumped. Data by CoinGecko shows that the volume of CSPR traded on Tuesday rose to over $79.8 million. This was a dramatic increase since the daily volume has mostly been below $6 million in the past few months. Before that, the biggest increase happened on November 30th when it jumped to $11.5 million.

Similarly, the daily traded volume for Floki Inu rose to over $125 million on Tuesday, up from $32 million on Monday. It has averaged less than $20 million in the past few months.

The ongoing surge is notable because Floki and Casper Network have not made any headlines on Tuesday. Therefore, the rally is because of the ongoing pump as investors cheer the performance of Bitcoin, the biggest cryptocurrency in the world. Bitcoin jumped to over $42,200 on Monday as hopes of a spot Bitcoin ETF and Federal Reserve cuts rose.

Historically, a Bitcoin surge usually triggers gains in the altcoin industry. For example, most tokens like Cardano, Shiba Inu, and Dogecoin reached their record highs in 2021 when Bitcoin rose to a record high of almost $68,000.

For starters, Casper Network is a layer-1 network that aims to become a good alternative to existing networks like Ethereum and Solana. The network’s ecosystem is still quite small compared to other networks. They include platforms like MetaCask, Wise.Art, and DMusic.Floki Inu, on the other hand, started as a meme coin but later on expanded its ecosystem to include a DeFi platform with over $11.62 million in Total Value Locked (TVL). It also has a play-to-earn NFT metaverse known as Valhalla, its own NFT collection, and FlokiPlaces, an NFT marketplace.

The post Here’s why Casper (CSPR) and Floki Inu are going parabolic appeared first on Invezz

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