The Floki Inu (FLOKI) meme coin has seen notable market movements as it approaches its all-time high set nearly three years ago. With a surge in price and trading volume, analysts predict FLOKI is on the verge of breaking its previous record. The token’s upward trajectory is further bolstered by a substantial investment from DWF Labs, signalling growing institutional interest in the meme coin sector.
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FLOKI’s Price Analysis
At press time, FLOKI trades at $0.000324, just 5.8% below its all-time high of $0.0003437, achieved on November 4, 2021. The token’s current price reflects a substantial 23.15% increase in the last 24 hours and a 9.03% rise in the past week. Moreover, FLOKI’s daily trading volume stands at $934,025,009.49, indicating heightened investor interest.
This resurgence has caught the attention of crypto experts, who are optimistic about FLOKI’s potential to surpass its previous peak. CryptoKaleo, a top analyst, tweeted, “$FLOKI – Retesting its 2021 ATH. Clean HTF cup & handle. BNB is on the verge of price discovery. Memecoin super cycle.” He further predicts that FLOKI could reach a market cap exceeding $10 billion in its next upward move.
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Technical indicators also support the bullish outlook for FLOKI. CryptoKaleo also points out a “Clean HTF cup & handle” pattern in FLOKI’s chart. This pattern, typically a bullish signal, suggests a potential upward breakout after a period of consolidation. The pattern’s presence on a higher time frame (HTF) chart lends additional credibility to this forecast.
Additionally, CryptoKaleo notes that Binance Coin (BNB) is “on the verge of price discovery.” BNB’s performance often influences the broader crypto market, particularly tokens on the Binance Smart Chain, where FLOKI operates. A strong BNB could provide further tailwinds for FLOKI’s ascent.
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Memecoin Super Cycle: FLOKI’s Timing
Experts believe FLOKI’s resurgence aligns with a broader “memecoin super cycle.” This term refers to periods when meme-based cryptos experience outsized gains, often driven by social media hype and retail investor enthusiasm.
El_crypto_prof, another analyst, shares this sentiment, tweeting, “So bullish on $FLOKI. One of the best looking charts out there as it targets its ATH of 2021.”
The concept of a memecoin super cycle suggests that FLOKI’s rise isn’t occurring in isolation. Instead, it’s part of a larger trend where various meme coins see substantial price increases, feeding off each other’s momentum. This phenomenon can create a self-reinforcing cycle of hype and investment.
DWF Labs’ $12M Investment
Adding to the bullish sentiment, DWF Labs, a digital asset market maker and multi-stage Web3 investment firm, has committed to the Floki ecosystem.
As previously reported by Captain Altcoin, DWF Labs will purchase $12 million worth of FLOKI tokens, following a prior $10 million investment. This substantial backing from an institutional player signals strong confidence in FLOKI’s potential.
Moreover, Jelle, another top analyst, noted that DWF Labs’ buying pressure comes as FLOKI consolidates below its all-time highs. He suggests this could be a precursor to imminent price discovery, further supporting the notion that FLOKI is poised for new heights.
With its price nearing all-time highs, strong institutional backing, and favourable market conditions, FLOKI appears well-positioned for a breakout. Technical indicators, expert opinions, and the meme coin trend all point towards potential new highs for the token.
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