At noon UTC yesterday, the meme coin Floki ($FLOKI), named after Elon Musk's Shiba Inu, reached a new ATH of $0.0003449.

The fact that Floki is the most popular meme coin on the Binance Smart Chain ($BNB) was widely mentioned yesterday on crypto social media and the blogosphere, which greatly contributed to the token's rise.

At the time of this writing, it is trading at $0.0003128, down 9.3% from its all-time high and 4.2% from its price a day ago.

The reveal of the Floki trading bot, which is based on Telegram and is now in limited beta testing, has piqued the interest of many investors.

There is a one percent fee associated with each transaction processed by the Floki bot, which uses the native utility token $FLOKI. The treasury will receive half of the fee-based income and half will be used to buy back and burn $FLOKI tokens.

With the public launch set for “within a few weeks”, the new Floki bot will be available to the 480,000 $FLOKI holders.

Floki was released in 2021 and was named after Elon Musk's Shiba Inu, the Tesla CEO's pet. Binance Smart Chain and Ethereum ($ETH) are compatible with it.

The diagonal green line on Floki's trading chart shows that support has been increasing from $0.0001 to $0.0002 over the last three months. The currency's value has been rising steadily since the conclusion of May, breaking the $0.00023 resistance level and seemingly holding its new highs.

With Floki's price movement in line with its 30-day moving average and a relative strength index of 53, the token is unlikely to see a major drop very soon. This bodes well for its ability to maintain and perhaps surpass current gains.