As the year dominated by meme stocks and meme-coins is drawing to a close, yet another dog coin is in the midst of a massive rally.
Santa Floki (HOHOHO), the BEP20 token launched on Binance Smart Chain, is up 3,944% today.
The token has seen a massive increase in price after Elon Musk posted a photo of Floki, his Shiba Inu puppy, dressed as Santa Claus. Musk’s tweet immediately became a hit with his followers, generating more than 240,000 likes at the time of writing. The image is accompanied by the caption “Floki Santa”, similar to the token’s name.
Floki Santa pic.twitter.com/y3CTq16bGi
— Elon Musk (@elonmusk) December 25, 2021
Santa Floki has been released by an anonymous group of developers called Parabolic8. It aspires to be the leading charity-related project on Binance Smart Chain, with donations integrated into its smart contracts.
The bad side of meme-coins
Binance Smart Chain experienced a massive increase in popularity earlier this year due to its low fees. Blockchain has also become a breeding ground for scams due to its low barrier to entry.
At the end of October, a Squid Game-inspired token launched on Binance Smart Chain caught the attention of the mainstream media before its investors disappeared and caused some Their victims were penniless.
In May, a cryptocurrency called Simple Cool Automatic Money (SCAM) reached a market cap of $75 million despite the mysteries of its creator.