Memecoins
Memecoin Rally: Why Did FLOKI Price Go Up Today?
After being trapped in a correction mode for the past ten weeks, a fast-growing dog-themed meme coin, Floki Inu (FLOKI), has signaled a new wave of bulls on the horizon. The mid-cap meme coin, with a fully diluted valuation of around $1.8 billion and an average 24-hour traded volume of around $447 million, has rallied more than 30% over the past four weeks to be traded at around $0.00019 on Tuesday, during the first session in London.
What is fueling Floki Inu’s bullish growth?
The rise of Dogecoin (DOGE) in previous cryptocurrency bull markets has inspired a new wave of meme coins led by Floki Inu, Shiba Inu (SHIB), and Pepe (PEPE) of late. Having been backed in the past by tech billionaire Elon Musk, Floki has attracted considerable attention in the Web3 space.
Recently, VanEck’s MarketVector unveiled a Meme Coun Index (MEMECOIN) comprising the top six largest meme coins, including Floki.
Floki, one of the most liquid meme coins, has been a deflationary digital asset via regular chain burns. A new proposal by Floki DAO to burn over 15 billion coins worth nearly $3 million was launched on Monday.
Medium-term price target
Floki price has increased by more than 15% in the last 24 hours following the emergence of meme coin stock influencer, Roaring Kitty, after more than three years. According to a famous cryptocurrency analyst, Captain Faibik, Floki price is on the verge of a major bullish turmoil in the coming weeks.
Notably, the crypto analyst indicated that Floki price has formed a bullish banner over the past two months. After yesterday’s bullish breakout, the crypto analyst noted that the meme coin needs to consistently close above the declining logarithmic trend to ensure bullish momentum.
If the bullish momentum holds, the crypto analyst believes Floki price will rise by at least 200% in the coming weeks.