Coinspeaker Floki Inu (FLOKI) Price Follows Frog-themed Pepe in Bullish Sentiments Ahead of Major Announcement
Amid the ongoing meme coin frenzy triggered by frog-themed Pepe (PEPE) that is already in price discovery mode, dog-themed Floki Inu (FLOKI) has signaled an inevitable pump towards its all-time high (ATH). According to the latest crypto oracles, Floki’s price rallied nearly 52 percent in the last two weeks to trade around $0.00026 on Monday. The mid-cap altcoin, with a fully diluted valuation of about $2.6 billion and a daily average traded volume of around $514 million, has been one of the top trending meme coins.
Moreover, Floki is tradeable on both Ethereum and BSC networks, with a combined liquidity of more than $50 million. As a result, Floki has amassed more than 420K holders in the recent past as the competition with other meme coins intensified.
Floki Inu Price Action Mirrors Pepe
Following the approval of spot Ethereum ETFs in the United States last week, heightened crypto cash rotation from Bitcoin (BTC) has favored the meme coin industry. According to a popular crypto analyst alias Bluntz on the X platform, Floki is on the precipice of rallying to a new all-time high in a similar fashion to Ethereum-based Pepe.
getting pre $pepe all time high vibes from $FLOKI.
chart looking really nice imo + bonk guy @theunipcs has been all over this one for months. pic.twitter.com/xQwww0uKlk
— Bluntz (@Bluntz_Capital) May 27, 2024
From a technical perspective, Floki’s price against the US dollar must consistently close above the resistance range between $0.00027 and $0.00031 to ensure a bullish momentum. Additionally, the weekly Relative Strength Index (RSI) must rally above the 70 level to trigger FOMO traders.
In case of a consistent close above this range, Floki’s price will be well positioned to reach the next major target between $0.00037 and $0.00044, which coincides with the 2.618 and 3.618 daily Fibonacci Extension.
Favoring Fundamentals
The Floki ecosystem has grown rapidly in the past year to a vibrant web3 community. Already, other crypto projects have been using the Floki token locker system to improve liquidity management. According to market data provided by Defillama, the FlokiFi Locker (FLOKI) had a total value locked (TVL) of about $31 million as of this report.
In the past few weeks, the Floki ecosystem has received notable endorsement by major cryptocurrency exchanges and web3 projects. For instance, Coinbase International announced the listing of Floki perpetual futures last week. Earlier this month, the Floki DAO unanimously passed a vote to burn more than 15.2 billion Floki tokens.
$FLOKI is trending on #Binance as the hottest #memecoin in the world.
Floki is trending above $PEPE, $BONK, $SOL, and $PEOPLE.
This is set to be a BIG week for Floki:
– Floki will release an important announcement today.– $FLOKI starts trading on #Coinbase perps on May 30. pic.twitter.com/Q80qRAvv3e
— FLOKI (@RealFlokiInu) May 27, 2024
As a result, the Floki ecosystem has burned more than 58 percent of the total supply, worth around $1.56 billion. Meanwhile, the Floki team has pledged to make a major announcement before the end of today, which will enhance the meme coin among its competitors.
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Floki Inu (FLOKI) Price Follows Frog-themed Pepe in Bullish Sentiments Ahead of Major Announcement