India's largest circulated news daily and few other mainstream news papers in Asia just published a story on how FLOKI turned $10 to $40K in just two months. These kind of shocking stories strike a cord with many investors in crypto space. Such news definitely prompt newbies into gamble with FLOKI. Even the most experienced investors are ready to just throw $20 into such shit coins for fun. And this leads to positive feedback loop of price action and more investments. This could be one of the many reasons why meme coins are on the rise.
I agree that many people might earn thousands and millions from FLOKI, just like from DOGE. But I also think that people will also lose money in the event of a rug pull.
Now it's just SHIB and FLOKI. But I am sure a thousand copycats (or copydogs) will continued to appear.
Edit: The headline of the Indian news paper calls FLOKI "a Musk-backed token". Sounds as if Elon Musk is a VC in it.
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