Floki Inu (FLOKI), the Shiba Inu-themed meme token named after Elon Musk’s pet dog, has surged over 300% higher in just one week – dwarfing returns from previous mania darlings like Shiba Inu (SHIB) itself along with Dogecoin (DOGE). So what explains FLOKI’s vertical breakout, surpassing its more prominent peers?
What you'll learn 👉
Smooth Technical Breakout Unlocks Momentum Discovery
FLOKI’s price trajectory has outpaced that of its predecessors, SHIB and DOGE. Over the past week, the token has surged by 312.0%, with a 431.4% increase in the last 30 days and a 268.5% rise over the past year. This growth is particularly notable given FLOKI’s lower market cap in comparison to SHIB and DOGE. The recent surge has pushed FLOKI’s market capital to $1.44 billion.
The token’s recent breakout from an ascending channel three days ago marked the beginning of a notable rally. Since breaching the $0.00006 level, FLOKI’s price has surged to $0.00015, entering what traders often refer to as “discovery mode.” As the token explores uncharted price territory free from previous resistance levels, this phase is characterized by the setting of new all-time highs (ATHs).
Greed Dominates Market Psychology At Present
The 200-day moving average (MA) for FLOKI stands at $0.00003010, which serves as a critical indicator of the token’s long-term trend. The current price being well above the 200-day MA suggests a strong bullish trend, indicating sustained positive momentum over a longer period.
Moreover, the Relative Strength Index (RSI) on FLOKI’s daily chart has reached 95.54. The RSI is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100.
Typically, an RSI above 70 indicates that a token is overbought, which could signal that a price correction is due. An RSI nearing 96 is exceptionally high, suggesting extreme market enthusiasm that may not be sustainable in the long term.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +
Comparing SHIB and DOGE’s Performance
While FLOKI’s surge has captured attention, SHIB and DOGE have also posted significant gains, albeit at a more modest scale. SHIB has seen a 17.1% increase in the last 24 hours, with a 174.5% rise over the past week, and a 187.5% gain over the last 30 days.
Dogecoin, the original meme coin, has also experienced growth, with a 19.1% increase in the last 24 hours, a 90.3% rise over the past week, and a 104.2% gain over the last 30 days.
So in summary, as speculative appetite returns broadly across crypto markets, igniting altcoin rotations, technical signals position Floki to capitalize on its reawakened animal spirits better than its larger cap meme predecessors, which are also bouncing. How high FLOKI reaches this cycle largely depends on sustaining nascent escape velocity without stalling.
You may also be interested in:
- Polkadot (DOT) Is Now ‘Basically Open Air’ With No Near Term Resistance as ‘Epic Pump’ Begins, Top Analysts Set Their Targets
- Meme Coin Wave Lifts PEPE to New Heights, Price up Over 300% – But Here’s the Catch
- Can DeeStream (DST) Revolutionize Streaming as Ethereum (ETH) & Binance Coin (BNB) Surpass All-Time Highs for 2024
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
