BONK Dog-themed meme leads rally of coins; FLOKI is recognized as a utility token
In Saturday's recent recovery, Solana-based BONK led the rally among dog-based meme coins, while Bitcoin bounced back above $98,000 after falling to $93,000 on Friday.
Memecoins increase
According to data from Coingecko, BONK is up 30%, while Dogecoin, Shiba Inu, Dogwifhat and Floki Inu are up 20%. In particular, dog-focused tokens have seen an average increase of 8% over the past 24 hours, outperforming the overall market by 4.5%.
Characterized by high volatility, Memecoins often outperform major tokens during price rallies, acting as a leveraged bet on the overall sentiment of the crypto market. Recently, Floki was recognized by the US CFTC as an exemplary utility token.
FLOKI – utility token
The signal came at the November 21 meeting of the Global Markets Advisory Committee (GMAC), which focused on bringing transparency to digital asset markets. The committee highlighted Floki for its growing ecosystem, particularly Valhalla, a blockchain-based metaverse game in 2025. FLOKI will be the main currency in the game, allowing players to earn and spend it, supporting its classification as a utility token.
In particular, tokens that provide immediate functional utility, such as Floki's role in Valhalla, are being recognized as non-security products. The subcommittee stated that utility tokens must provide “immediate, non-accidental consumption” to qualify.
FLOKI looks at the development of the ecosystem
The Floki ecosystem has seen significant growth in the past year, with the launch of Valhalla, Metaverse Game and FlokiFi, an asset-locking DeFi platform. Additionally, Floki developers introduced Floki University, an educational initiative aimed at increasing blockchain literacy.
Floki's lead developer says this sets Floki apart from other memecoins, especially as the market changes and people start paying attention to the basics again.
On the other hand, demand for BONK is increasing due to efforts to slow down the token supply. BonkDAO burned 100 billion tokens in November and plans to burn one trillion tokens in December, which could increase token prices due to the shortage.
