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The Floki Inu price jumped 9% in the past 24 hours to trade for $0.0002117 as of 04:23 a.m. EST time on trading volume that surged nearly 90%.
It comes amid speculation that meme coins with utility will dominate the current cycle, with FLOKI standing among them. The utility of the FLOKI token primarily lies in its use within the Floki ecosystem. Holders of the token can participate in features including staking, yield farming, and an NFT marketplace.
I have a feeling memes with utility will dominate this cycle
All eyes on #Floki as it delivers with both memes and utility
– FlokiFi Locker
– Valhalla P2E Game
– Cool Shiba pic.twitter.com/4Bakkff00y— Jay Hizzy (@JayHiizzy) May 21, 2024
The surge in the Floki price can also be attributed to the FLOKI ecosystem making a bullish announcement amid the recent show of strength in the Bitcoin and Ethereum prices. Based on the announcement, the project will burn over 15 billion FLOKI tokens on May 22, 2024.
In line with the decision of the #Floki DAO, 15,246,000,000 $FLOKI tokens will be burnt on May 22, 2024.
The #Floki DAO voted in favor of burning 15,246,000,000 $FLOKI tokens, with an overwhelming majority of 99.84% voting in favor of the burn.
Stay tuned for further updates! https://t.co/aHBUmTepbD
— FLOKI (@RealFlokiInu) May 20, 2024
The news is already causing a bullish impact on the Floki price. When tokens are burned, they are permanently removed from circulation, reducing the total supply.
This reduction in supply can create scarcity, potentially increasing the value of the remaining tokens. It aligns with basic economic principles of supply and demand.
Other fundamentals that could play in favor of the Floki price include a show of strength in the Bitcoin price. As BTC reclaims above the $70,000 psychological level, altcoins are bound to rally, with meme coins known to be the primary beneficiaries.
Another factor that could bode well for the Floki price is the increased possibility that Ethereum ETFs (exchange-trade funds) are approved soon.
Active days have begun in the cryptocurrency market.
✴️#Altcoins are also experiencing notable increases.
✔️The increasing likelihood of #Ethereum ETFs being accepted has mobilized the market. ETH ETFs will certainly be accepted. The timing of this will be important.
▪️ As… pic.twitter.com/WuVBtm7HcT
— Crypto News Portal (@TerraNewsEN) May 21, 2024
Meme coins that could rally on confirmation of approvals would include Shiba Inu (SHIB), Pepe (PEPE), FLOKI, and Dogeverse (DOGEVERSE). This is because they are built atop the Ethereum blockchain. At the time of writing, the Ethereum price is up nearly 20% to trade for $3,665.
Floki Price Prediction
The Floki Inu price is trading with a bullish bias, consolidating within an ascending parallel channel. With the Relative Strength Index (RSI) holding well above the mean level of 50, the market favors the upside. This stance is reinforced by the position of the Awesome Oscillator (AO) in positive territory.
Increased buying pressure above current levels could see the Floki Inu price test the resistance due to the 50% Fibonacci placeholder of $0.0002246. A decisive flip of this blockade into a support level, coinciding with a breakout above the upper boundary of the channel, would set the tone for more gains.
While a stable close above the aforementioned blockade would be ideal, traders looking for safer entry to long FLOKI should probably wait for a break and close above the 23.6% Fibonacci retracement level of $0.0002810.
GeckoTerminal: FLOKI/USD 1-day chart
On the other hand, if the bears pull the Floki Inu price below the $61.8% Fibonacci retracement level, sellers could pull the trigger. For the bullish thesis to be invalidated, however, the Floki Inu price must close below the 78.6% Fibonacci retracement level of $0.0001635.
Elsewhere, some investors are already pivoting to WienerAI (WAI), a new canine-themed meme coin competitor that experts such as Crypto Boy on YouTube says has the potential to 100x on launch.
Promising Alternative To Floki
WAI is the token that powers the WienerAI ecosystem. It’s a lovable, hilarious, and undeniably unique creation that has captured the imagination of meme enthusiasts worldwide.
Don't be left out in the cold.
GET IT WHILE IT'S HOT
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥 pic.twitter.com/I69IUJanLC
— WienerAI (@WienerDogAI) May 8, 2024
The project is committed to becoming the best and most powerful AI companion ever.
Don't keep your dog on a leash.
LET IT FLY 🚀 pic.twitter.com/ofLP1CxPxT
— WienerAI (@WienerDogAI) April 28, 2024
But it’s also recently added a powerful AI trading bot that allows holders to scour the crypto market for hidden investment gems. You can ask WienerAI to find your next trade and it delivers the market analysis to help you win more often. Then you can seamlessly swap, MEV-free, through decentralized exchanges.
WienerAI operates as an ERC-20 token on the Ethereum blockchain, offering users seamless compatibility with a wide range of decentralized applications and exchanges.
⚖️ South Korean committee probes Worldcoin for biometric data collection due to privacy violations.
🌐 Despite the controversy, Worldcoin attracts over 3.9M sign-ups.#privacy #cryptonews pic.twitter.com/HfLqEL8AMd
— BlockchainIST News (@blockchainistn) March 4, 2024
Buy WienerAI In The Presale
WienerAI’s presale has already been a big success, with funds raised racing past $2.4 million.
How staking your $WAI feels.https://t.co/g0LrikQz90 pic.twitter.com/3VneRo9wTq
— WienerAI (@WienerDogAI) May 9, 2024
WAI token holders can also stake their holdings for an annual staking yield of 409%. Over 2.5 billion WAI tokens are already staked.
The token is currently selling for only $0.000709. If you are attracted to the project, buy before a price hike in just under 44 hours.
Also Read:
- How to Buy WienerAI – $WAI Presale Review
- WienerAI Price Prediction – $WAI Price Potential in 2024 and Beyond
- Best AI Crypto Coin Projects: Top Picks for 2023
- New AI Meme Coin Presale WienerAI Unveils Trading Bot AI Companion, Laps Up $700K
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