Today, the value of Floki has increased to around $0.00004534, indicating a 24-hour period during which it grew by up to 15%.
Although the present value of Floki shows a decline of 8% in the previous week, it has risen by 42% over the last month or so. This surge in interest can be attributed to Elon Musk's recent meme-ing related to Doge, which has also benefited Floki.
The market anticipates that the new meme token will become a significant coin as Floki's development team has just released its plan for the year.
What is Floki?
During the bull market of early 2021, one of the incredible stories in the crypto world was the triumph of dogecoin (DOGE), which was initially created as a parody of cryptocurrencies. Despite this, DOGE thrived with the backing of Elon Musk, the CEO of Tesla, and performed just as impressively as any other cryptocurrency.
The success of Dogecoin led to the creation of the Shiba Inu (SHIB) token, which is essentially another parody coin. This paved the way for numerous new meme coins that could be considered parody coins, such as Floki, which has recently appeared in the meme coin scene.
Floki Inu is a dog-themed meme coin that operates on the Ethereum (ETH) blockchain as an ERC-20 token. According to its whitepaper, it is not simply a meme coin but rather a movement created by supporters and followers of the Shiba Inu community.
The organization behind the Floki Inu token has established the Floki Inuversity, which aims to enhance people's understanding of cryptocurrency and blockchain technology.
Floki's Price So Far
Initially, the price of the Floki coin remained relatively stable for the first few weeks. However, towards the end of July 2021, the token's value nearly doubled, rising from $0.000002763 to $0.000004458.
Between September and the end of 2021, Floki Inu underwent a substantial bullish trend. Starting from a trading price of $0.00003213 in mid-Sept, the value of the Floki coin increased significantly, reaching an ATH (all-time high) of approximately $0.0003437 by November.
But, in 2022, Floki Inu faced a significant decline in its value. However, the value of Floki Inu has seen an impressive rise in 2023. In mid- Feb, the token's price increased by nearly 50%, caused by a tweet from Elon Musk. Floki Inu is presently being traded at a price level of around $0.00005100 for each token and holds a market capitalization of over $500 million.
Floki Price Prediction as FLOKI Blasts Up 15% in 24 Hours – Can FLOKI Reach $1?
Currently, FLOKI is displaying robust momentum, as evidenced by its indicators. Its relative strength index (shown in purple) has surged towards 60 and 70 today after a last dip in the past week.
In addition to the above, FLOKI's 30-day moving average has significantly surpassed its 200-day average and is still increasing. Although more cautious traders may predict a decline, it does not appear to be stabilizing at the moment.
Several factors contribute to FLOKI's popularity among the top 100 cryptocurrencies, including Elon Musk's involvement.
Following a tweet by the CEO of Twitter and Tesla featuring a picture of his dog named Floki, the coin's value surged by up to 200% in just under 24 hours shortly after the tweet. Since then, FLOKI has experienced an upswing in both market momentum and public attention. Even minor news has played a role in propelling the token further.
The surge observed recently is due to WazirX, India's largest exchange in terms of trading volume, adding FLOKI to its listings. Additionally, DigiFinex has announced the launch of perpetual trading for FLOKI today, further contributing to the positive sentiment surrounding the coin.
These developments have contributed to the widespread perception that FLOKI is a coin on the rise, with more and more traders and investors looking to enter the market before the price becomes too high.
In addition to these factors, FLOKI's team has also contributed to the growing interest by collaborating with The India Maharajas, the Indian cricket team. They hope this partnership will introduce the coin to a vast audience of potential buyers and users, increasing its adoption.
FLOKI PARTNERS WITH INDIAN CRICKET GIANT TO TARGET OVER 700 MILLION USERS#Floki has formed an exclusive marketing partnership with cricket legends The India Maharajas. This partnership will introduce the Floki brand to over 700 million cricket fans across the globe! pic.twitter.com/YA1VCEQwRL— FLOKI (@RealFlokiInu) February 23, 2023
KuCoin has reported that FLOKI is currently the second most sought-after cryptocurrency in the market. This data indicates the coin's significant impact and the attention it has garnered in the market.
Furthermore, FLOKI has recently received a boost from its development team, which has released a comprehensive roadmap for 2023, providing a clear direction for the coin's future development.
THE #FLOKI 2023 ROADMAP IS NOW LIVE!— FLOKI (@RealFlokiInu) February 21, 2023
We just released #Floki's 2023 roadmap to give you insights into what we have planned for $FLOKI in the coming weeks and months!
There's definitely a lot of exciting things to look forward to!https://t.co/dWe6Fv79zE pic.twitter.com/F1gjV04TnU
The roadmap reveals FLOKI's ambitious plans to evolve beyond a mere gimmicky meme token. The developers have outlined their intentions to introduce a staking program, a DeFi platform unique to FLOKI, and a debit card branded after the coin.
Given these advancements, FLOKI will likely experience gradual yearly price appreciation. The coin is anticipated to reach the $0.0001 mark by the year-end from its current level of $0.00004487. When the market undergoes a more sustained and significant recovery, there is a possibility that FLOKI will surpass its current ATH of $0.00033651, previously achieved in November 2021.
Is Now A Good Time to Buy Floki?
Although the indicators point towards a potential correction for FLOKI, the influx of positive news and new exchange listings imply that it may continue to rally for a bit longer.
Traders who wish to avoid the inevitable downturn may explore other tokens with high potential.