Floki price has staged a strong comeback since April this year, making it one of the best performers in the crypto industry. After dropping to $0.0001125 on April 13th, the token bounced back by over 112% to $0.0002380. It is hovering near its highest level since April 1st, giving it a market cap of over $2 billion.
Floki Inu’s latest news
Floki is one of the most popular meme coins in the crypto industry. Over the years, the developers have worked hard to transition the network into a blockchain with real use cases and utility.
They launched Valhalla, a play-to-earn NFT metaverse platform where people earn $FLOKI tokens. FlokiFi is another product, a decentralized finance (DeFi) platform that lets users trade and invest in digital assets.
Additionally, the developers launched FlokiPlaces, a merchandise and NFT marketplace. Most recently, they unveiled TokenFi, a platform in the tokenization industry.
All these products have created a utility for the $FLOKI token, making it unique from other meme coins like Pepe, Bonk, and Baby DogeCoin.
Floki price has risen for several reasons. First, the Floki DAO recently voted to burn over 15.24 billion tokens, which is substantial since the network has a circulating supply of over 9.5 trillion tokens.
Burning is an important mechanism in the crypto industry that reduces the number of coins in circulation. It is often seen as the opposite of token unlocks, which increases the number of tokens and dilutes the existing holders.
The other crucial news is that Kraken, a leading crypto exchange, enabled Floki’s perpetual futures trading. It was also added to Revolut Business, the biggest neobank in Europe. The addition made it possible for people to do real-life transactions using the token.
Floki has done well because of the rising possibility that the Securities and Exchange Commission (SEC) will approve Ethereum ETFs. From a macro perspective, it rose as it became clear that the Fed, ECB, and Bank of England would start cutting interest rates soon.
Floki price forecast
The 4H chart shows that the Floki token price has formed an ascending channel that connects the highest and lowest swings since April 14th. It has now moved to the upper side of the channel and is attempting to have a bullish breakout. Also, it has flipped the crucial resistance at $0.000221 (April 8 high) into support.
Floki has moved above the 50-period and 25-period Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level. It has also jumped above the first support of the Woodie pivot point.
Therefore, the outlook for Floki’s price is bullish, with the next point to watch being the second Woodie resistance at $0.000263, 12% above the current level.
