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- The dog-themed meme coin community, led by Floki Inu, has been mourning the demise of the iconic Shiba Inu dog named Kabosu.
- Floki Inu network has in the recent past conducted several token burns that have attracted more meme coin speculators.
Floki Inu (FLOKI), a top-tier dog-themed meme coin that thrived from several Elon Musk tweets, has grown to a mid-cap altcoin with an average daily traded volume of about $389 million. The highly volatile altcoin has attracted notable attention from both retail traders and institutional investors as shown by the listing on VanEck’s MEMECOIN Index.
After an impressive performance in the first quarter meme coin frenzy, Floki’s price has undergone a period of correction in the past two months and is now attempting to rally toward an all-time high. Moreover, the altcoin has already broken out of a bullish flag following a 20 percent spike in the last two weeks.
Why Bet on Floki Inu in this Crypto Cycle
According to on-chain data, Floki Inu has nearly half a million holders, with more than $24 million in locked liquidity. Notably, most of the meme coins do not offer the certainty of locked liquidity and the creators have hidden agendas on the underlying smart contracts including high transaction fees and whitelisted addresses.
The Floki team has earned the crypto community’s reputation in the past few months unlike its competitors, such as frog-themed Pepe (PEPE) which was involved with internal disagreements at the beginning. On Thursday, Coinbase International announced that it had listed Floki perpetual futures alongside Solana-based Bonk (BONK), and Shiba Inu (SHIB).
After the Floki DAO proposal to burn 15.26 billion FLOKI was overwhelmingly supported by the community, the team initiated a burn on Thursday. Consequently, the Floki meme coin has so far burned more than 58 percent of its total supply, worth more than $1.2 billion.
With the ongoing crypto regulatory clarity in the United States, market pundits have indicated that the meme coin industry will play a crucial role in the mainstream adoption of digital assets. The Floki ecosystem has prepared for the ultimate parabolic rally over the past few years and all indicators point to an inevitable rally.
Midterm Price Expectations
According to a popular crypto analyst alias World Of Charts, Floki’s price against the US dollar is en route toward an all-time high, just like Pepe did in the past two weeks. The crypto analyst argued that Floki’s price has already broken out of a bullish pennant and retested it in the past few days.
Moving Towards Targets 30%+ Profit So Far#Crypto #Floki https://t.co/1n0Lh28bw9 pic.twitter.com/FYiNzEOGIy
— World Of Charts (@WorldOfCharts1) May 22, 2024
From a technical standpoint, Floki’s price must consistently close above the recent resistance range of between $0.00027 and $0.00031 to invalidate a possible reversal. However, the altcoin industry is preparing for a historical cash rotation from Bitcoin as its market dominance flashes an inevitable reversal.
Additionally, the approval of eight spot Ethereum ETFs in the United States will trigger a major inflow of liquidity in the altcoin industry over the coming quarters.
