FLOKI reached its all-time high in November. Since then, it has come down to its initial base as the market turned red. Here is an analysis by CMC-Alexandria on its next possible movement!
Floki Inu (FLOKI), is one of the biggest dog-related memecoins. A few months ago, Floki saw a massive rise in price. After it made an all time high (ATH) on Nov. 4, it started its downtrend which is still in effect. Right now, there are signs that FLOKI is bottoming out again, but it is possible that we will see the next leg up soon if the hype around the token picks up again.
In this article, we will not only do the technical analysis but the fundamental analysis too to analyze the price movement of Floki Inu. The fundamental aspects will include observing the project’s marketing strategy and some features. We will also have a look at the charts in different time frames.
The Fundamentals of Floki Inu
Floki Inu is one of the most popular memecoin that ranks 32 (at the time of writing) in the memecoin category, according to CoinMarketCap.
Right now, the team is working on three utility projects, namely:
- Valhalla: Their NFT play-to-earn metaverse
- Flokiplaces: An NFT and merchandizing platform
- Floki University: A platform providing informative content/education
Floki Inu has also partnered with, named Million Gardens Movement, a project by Elon Musk’s brother, Kimbal. The goal of this organization is to fight against global food insecurity.
Floki Inu’s marketing campaigns have been running for months now where the main aim is to bring the world’s attention not only to then token itself but to to the cryptocurrency market as well. People have seen Floki Inu popping up on buses, streets and stations in multiple countries. The project also made its way into the football world by partnering with Indian and Spanish clubs.
DAO Upgrade
On January 23, the team behind Floki Inu completed the first phase of their decentralized autonomous organization (DAO) upgrade.
FLOKI/USDT
FLOKI started rising by the end of October and made a new ATH at 0.000344$ on November 4.
After the ATH was made, a long downtrend began. The price constantly made lower highs and lower lows.
This downtrend brought the price of FLOKI all the way back to the base where it started its run.
Last week, it seemed like the sellers got exhausted and the price started flattening around the base. As this was a former base where buyers stepped in, FLOKI could very well find a bottom around these levels.
Alongside a downtrend of FLOKI, global interest for cryptocurrencies has also fallen. Retail interest is way lower as it was at its peak a few months back.
If FLOKI and other cryptocurrencies show a change of trend, the interest of retail investors will increase again, resulting in new highs of the token.
Summary
- Floki Inu (FLOKI) is one of the biggest memecoins related to the dog family, but it has proven itself to be more than a meme, as its team is currently working on three utility projects, namely Valhalla, Flokiplaces and Floki University.
- On January 23, there was a major fundamental upgrade, which is its first step towards decentralization.
- The FLOKI/USDT chart shows that the token has been in a clear downtrend for the past three months. However, the price seems to be bottoming out around the former base. If it can reverse the trend from here that would be a bullish sign.
Keep in mind that the above ideas are solely the writer’s thoughts. Never take anything for granted and always do your own research.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
