The meme coin Floki Inu (FLOKI) has seen a massive price surge over the past week, with gains of over 30% in just 7 days. FLOKI is currently trading around $0.000020, reaching levels not seen since the mid-August cryptocurrency market crash.
This latest rally brings new hope to FLOKI holders that the token could be following in the footsteps of popular dog-themed coins like Dogecoin and Shiba Inu. FLOKI brands itself the “Shiba Inu Killer” and aims to build a utility-focused ecosystem of products.
The recent price boost seems to be driven by overall crypto market recovery and enthusiasm for meme coins. Additionally, speculation around a falling wedge pattern has traders predicting FLOKI could surge 50% or more in the short term.
Source: CoinStats – Start using it today
However, not all indicators are bullish for FLOKI. Trading volumes have decreased by 43% over the past day, showing weakened momentum. The sustainability of this rally remains uncertain.
The power of the Elon Musk effect on crypto prices is undeniable. With Musk’s Doge-1 moon mission set to launch soon, many expect an increase in Dogecoin related tweets from the Tesla CEO. This tends to lift not only Dogecoin but other canine-themed meme coins like Floki Inu.
Furthermore, the Floki Inu community has dubbed October ‘Floktober’, filled with major announcements and developments for the project. The hype is already palpable, with Floktober trending on social media on the very first day of October. Floki enthusiasts are counting on a flood of positive news to propel FLOKI to new heights by the end of the month. Between the Elon factor and Floktober, the stage is set for an exciting period for FLOKI holders.
#Floktober has kicked off and is already trending on the first day of October! 🔥— FLOKI (@RealFlokiInu) October 1, 2023
All 👀 are on our grown-up doge, #Floki, who's already dominating the trends on X!
Who's in for an exciting $FLOKI-filled October? 🤔 pic.twitter.com/39zsIqXMxY
FLOKI is the utility token for the Floki Inu ecosystem, which is developing projects including an NFT metaverse game called Valhalla, a suite of DeFi products called FlokiFi, an NFT marketplace called FlokiPlaces, and an education platform called University of Floki.
With the meteoric rise of Dogecoin and Shiba Inu in 2021, investors are on the hunt for “the next big memecoin.” FLOKI shills are hopeful that renewed hype and development on the Floki Inu roadmap can help FLOKI breakout to new highs. But the token remains highly speculative.
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