As a seasoned crypto investor with a knack for spotting undervalued projects and a penchant for meme coins, I find myself intrigued by the recent surge of Floki (FLOKI). Having navigated through the crypto wilderness since the days of Bitcoin’s inception, I have learned to read between the lines of market trends and community dynamics.
In the midst of the current meme coin frenzy, triggered by Dogecoin‘s recent surge, there are signs that Floki could be poised for a bullish price explosion in the near future. This mid-tier meme coin, valued at approximately $2.5 billion when fully diluted, experienced a substantial increase of over 150% in its daily average trading volume, reaching over $1.4 billion during the early New York trading session on November 21.
1) In the last day, a digital coin based on dogs and popularized through Elon Musk’s social media posts saw an increase of around 4%. At this moment, it’s trading at approximately 0.00025 dollars. Interestingly, among the top 20 meme coins by market value, only Floki experienced growth in the last 24 hours.
Floki Gets Listed on Coinbase
After receiving acclaim within the Binance community, the Floki initiative has drawn an energetic crowd of forward-thinking investors in the past. The main developers of Floki have unveiled numerous projects, such as the FlokiFi Locker, which is utilized by emerging cryptocurrencies to secure liquidity.
Due to its success, the Floki project now holds over $44 million in total value locked up. With approximately 420,000 on-chain holders and a treasury with over $8 million, it has drawn in many Web3 investors such as DWF Labs and most recently, Coinbase Global Inc (NASDAQ: COIN).
Coinbase is going to facilitate transactions for the FLOKI cryptocurrency (FLOKI) on the Ethereum platform (ERC-20 token). To avoid losing your funds, please ensure you don’t send this asset across any other networks. Transfers for this digital asset are now accessible through both @Coinbase and @CoinbaseExch in regions where trading is allowed.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 20, 2024
On Wednesday, Coinbase disclosed plans to facilitate transactions involving Floki on the Ethereum platform starting from now. They also revealed that trading of Floki will become available from Thursday in areas where such trades are permitted.
In the meantime, Coinbase has announced their intention to introduce a Floki-USD trading option once certain liquidity requirements have been fulfilled.
In the upcoming months, the effect of Coinbase listing on Floki could be substantial and might inspire other trading platforms, particularly Robinhood Markets Inc. (NASDAQ: HOOD), to follow suit with a similar strategy.
Midterm Targets
Approximately 59% of the total Floki coin supply has already been used, equivalent to about $1.5 billion as per the latest update. Given the growing interest in meme-based cryptocurrencies, Floki Inu appears poised to initiate its price exploration period shortly.
Looking technically, the price of Floki versus US Dollars is nearly poised to breach a significant barrier at its record peak. This popular meme coin appears to be mirroring Bitcoin‘s trajectory after accumulating strength since March this year.
#FLOKI/USDT
One of the most bullish structure across #memecoins 🔥
Breakout of massive cup & handle and 259 days of re-accumulating below the major resistance zone🧐
Breakout is imminent🚀
✔️1 target – 0.00061000$✔️2 target – 0.00092900$✔️3 target – 0.00118700$
— Daniel Ramsey (@ramseycrypto) November 20, 2024
As per crypto trader Daniel Ramsey’s post, it appears that Floki’s price over the weekly period is shaping up like a ‘macro cup and handle’ pattern. This pattern typically precedes a significant bullish surge. By analyzing the Fibonacci extension on the same time frame, Mr. Ramsey has projected the first potential target for Floki at approximately $0.00061 – a jump of over 100% from its current value.
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2024-11-21 15:38