Memecoin Rally: Why Is FLOKI Price Rising Today?

After being stuck in correction mode for the past ten weeks,#Floki(#FLOKİ), a fast-growing dog-themed meme coin, has signaled a new bullish wave is on the horizon.

With a fully diluted valuation of around $1.8 billion and an average 24-hour trading volume of around $447 million, the mid-sized meme coin is up more than 30% over the past four weeks, trading on Tuesday in level around 0.00019 USD.

What's driving Floki Inu's strong growth?

The rise of Dogecoin (DOGE) in previous crypto bull markets has inspired a recent wave of new meme coins, led by Floki Inu, Shiba Inu (SHIB) and Pepe (PEPE). Floki, previously endorsed by tech billionaire Elon Musk, has attracted significant attention in the Web3 space.

Recently, Vaneck's Marketvector published the Meme Coun Index (MEMECOIN), which includes the six largest meme coins, including Floki.

Floki, one of the most liquid meme coins, has become a deflationary digital asset through regular internal burns. On Monday, a new proposal by Floki DAO to burn more than 15 billion coins worth about $3 million was launched.

Floki's price has increased more than 15% in the past 24 hours following the arrival of Roaring Kitty, an influencer on the meme coin stock, after more than three years. According to famous cryptocurrency analyst Captain Faibik, Floki's price is on track to increase sharply in the coming weeks.

In particular, the crypto analyst noted that Floki's price has been trending upward over the past two months. Following yesterday's explosive price increase, the crypto analyst claimed that the meme coin must consistently close above a logarithmic downtrend to maintain its upward momentum.

If the bullish momentum continues, the crypto analyst believes Floki's price will increase by at least 200% in the coming weeks.