After a stint in correction mode spanning ten weeks, Floki Inu (FLOKI), a rapidly growing meme coin centered around dogs, is signaling a fresh bull wave. With a market value of approximately $1.8 billion and an impressive daily trading volume averaging around $447 million, this mid-cap meme sensation has surged over 30 percent in the past month alone, now hovering around $0.00019 during the early London trading session.
The rise of Dogecoin (DOGE) in prior crypto bull markets has inspired a fresh wave of meme coins led by Floki Inu, Shiba Inu (SHIB), and Pepe (PEPE) in recent times. Having been endorsed by tech billionaire Elon Musk in the past, Floki has attracted notable attention in the Web3 space.
VanEck’s MarketVector introduced the MEMECOIN Index, highlighting the top six meme coins, with Floki holding a prominent spot.
The Deflationary Strategy
Floki stands out as one of the most liquid meme coins, employing a deflationary approach through regular on-chain burns. A recent proposal from Floki DAO advocates burning over 15 billion coins, valued at nearly $3 million.
The price of Floki spiked more than 15 percent in the past 24 hours following the emergence of a meme coin stock influencer, Roaring Kitty, after more than three years.
According to a popular crypto analyst, Captain Faibik, Floki’s price is on the verge of a major bullish uproar in the coming weeks.
Technical Insights
A bullish pennant pattern has dominated Floki’s price action for the past two months, culminating in a breakout. Captain Faibik stresses the importance of maintaining consistent closures above the descending trendline for sustained bullish momentum.
Should the current bullish sentiment persist, Captain Faibik anticipates a remarkable 200 percent surge in Floki’s price trajectory in the coming weeks, offering optimism for Floki enthusiasts and investors alike.
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