Gains for FLOKI align with the introduction of its tokenization platform, TokenFi, but will the surge last?
This week’s surge in Bitcoin’s value to $33,968 and a peak of $35,000 has also helped many other memecoins, such as Floki (FLOKI), which has outperformed its main competitors in terms of percentage increases.
Amidst the hoopla around Bitcoin ETFs and the introduction of TokenFi, FLOKI saw a 140% price increase.
FLOKI Skyrockets 140% in 7 Days – Memecoins Reviving,FLOKI Skyrockets 140% in 7 Days – Memecoins Reviving
FLOKI reached a five-month high of $0.00004261 on October 27, a 140% increase. The memecoin, which gained notoriety for its contentious marketing strategies, surged in value following Grayscale Investments’ filing, as seen below, for a new spot Bitcoin exchange-traded fund (ETF) on NYSE Arca.
When considering the last 24 hours, FLOKI’s gains have benefited further from the October 27 debut of its tokenization platform, TokenFi, which has its own native token, TOKEN. Interestingly, users will be able to earn TOKEN by staking their FLOKI holdings.
Where will the price of FLOKI move next?
Due to the continuous price increase, FLOKI’s daily relative strength (RSI) has reached its highest level of overbought since January 2023.
A corrective period usually comes before an overbought RSI. In the instance of FLOKI, significant price reductions have ensued from its previous period of overbought RSIs, suggesting that a comparable downward response may occur in the upcoming days or weeks.
The FLOKI/USD pair runs the danger of falling towards its 0.5 Fibonacci retracement line in October 2023, at $0.00003548, if FLOKI’s uptrend slows. The price might drop 20% from the present levels in November 2023 and reach the 0.236 Fib line under $0.00003069 if there is a strong closing below the level.
On the other hand, a break over the present resistance level of $0.00004027 would allow the price to move higher and towards $0.00004078.
Memecoins like SHIB and DOGE are they waking up?
Thus far in 2023, almost all memecoins have underperformed leading cryptocurrencies like Bitcoin; several have even seen year-to-date (YTD) losses.
In a similar vein, Shiba Inu has gained about 25% over the previous seven days, but is still down 2.75% YTD.
Only Pepecoin PEPE $0.000001 is an exception. a memecoin that made its debut in April 2023 and has since increased by almost 500%. Then there is FLOKI, which as of October 27 had YTD returns of almost 435%.
FLOKI Skyrockets 140% in 7 Days – Memecoins Reviving,FLOKI Skyrockets 140% in 7 Days – Memecoins Reviving,FLOKI Skyrockets 140% in 7 Days – Memecoins Reviving, FLOKI coin Crypto news, FLOKI coin News