Floki price has gone parabolic in the past few months, making it one of the best-performing cryptocurrencies in the industry. It soared to a record high of $0.00035, meaning that it has jumped by over 1,180% from its lowest point this year. It has outperformed the likes of Solana, Bitcoin, Ethereum, and Polkadot.
Why Floki is soaring
Floki is one of the leading meme coins with a market cap of over $3.18 billion. This valuation makes it the fifth-biggest token in the sub-segment after Dogecoin, Shiba Inu, Pepe, and Dogwifhat.
It was launched during the meme coin frenzy era in 2021 to take advantage of Shiba Inu and Dogecoin’s popularity. Over the years, the developers have launched more applications to create utility for the token.
The most recent product launch was TokenFi, a platform that takes advantage of the growing tokenization industry. $TOKEN, its native cryptocurrency has jumped, bringing its market cap to over $168 million.
The developers launched a staking feature that lets users earn returns just for holding the token. Data on its website shows that 2.3 trillion tokens worth over $773 million have been staked. Most of these tokens are staked in Ethereum’s network with the rest of them being in the BNB Chain. There are over 460,000 Floki holders.
Further, Floki launched platforms like Valhalla, a play-to-earn platform, and FlokiFi, a decentralized finance (DeFi) platform. All these factors and its burning features have helped Floki become one of the best-performing meme coins. It has outperformed popular tokens like Dogecoin and Shiba Inu.
Additionally, the token has done well because of its steady volume, which is a sign of Fear of Missing Out (FOMO). The latest data shows that the volume in the past 24 hours stood at over $605 million, up from $617 million a day earlier. Its volume in the past eight days has averaged over $487 million.
The next key catalyst for the Floki price will be the interest rate cuts by the Bank of Canada (BoC) and the European Central Bank (ECB). These cuts will open the possibility that the Fed could start slashing rates in its July meeting. The US will also publish its jobs report data on Friday.
Floki price forecast
The daily chart shows that the Floki token has gone parabolic in the past few days, as previously predicted. It has moved above the crucial resistance point at $0.0003140, its previous all-time high. Blasting past this level is an important move since it invalidated the giant double-top pattern whose neckline stands at $0.0001130.
Floki token has jumped above the 50-day and 100-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) has pointed upwards. Therefore, this performance is a sign that the train has left the station and that the token will continue the bullish trend, with the next level to watch being at $0.00040.
