Floki Inu price analysis - the third biggest memecoin in the crypto industry.
In this article, we will discuss some fundamentals of Floki Inu where its charts paired with USDT, BNB, and ETH will be used. You will also get an idea about its community and the plans that its founders have for the future.
Floki Inu is a fairly new cryptocurrency. The launch was smooth until September arrived. A huge chunk of buyers stepped into its ecosystem and since then, the volume has been enjoying a huge influx, pushing the price higher and higher. FLOKI is mainly tradeable on DEXs with a 10% slippage and a few CEXs, including Gate.io, MEXC, and LBank.
How come the price is pushing higher and higher? What does Floki Inu (FLOKI) stand for and what are the plans for the future?
The Fundamentals of Floki Inu
Floki Inu is the third biggest ‘Dog meme coin’. It has formed an official partnership with a charity company, named Million Gardens Movement, run by Kimbal Musk, brother of Elon Musk. The goal of this company is to fight against food insecurity, among other global issues.
Floki Inu itself is working on three flagship utility projects:
- An NFT gaming metaverse, known as Valhalla
- An NFT and merchandise platform, known as FlokiPlaces
- A content/education platform, known as Floki Inuversity.
Their marketing campaign is quite something as the team has set $2 million aside for market purposes. There are impressive marketing campaigns running as of today. For example, right now, there are 300 buses in London that are advertising Floki Inu. Also, the team plans to advertise the project and token on buses and billboards in Los Angeles, Times Square, Germany, Amsterdam, and many other places as well.
Currently, there are about 25,000 holders of the Floki Inu token, according to CoinMarketCap’s data. However, the official website claims that it has over 110,000 holders. If they keep on accomplishing their marketing goals, FLOKI can see a massive increase in the number of holders and price.
Let’s have a look at the charts to understand the future outlook of the token.
Floki Inu/USDT
If you look at the charts, you can see that Floki Inu tried to break out of an ascending triangle.
You also see the first signs were visible back at the beginning of September with a nice rise in both the price and volume. By the middle of September, a huge number of buyers entered the market, raising the price of FLOKI again.
The price dropped after a few days but has been climbing upwards with a slow momentum ever since.
On the 4H chart, the breakout is visible, a new all-time high can be observed. FLOKI is still in this range and if the token finds its support level here, it would be the best situation for the bulls to continue the journey to higher prices in the future.
FLOKI/BNB
Because Floki Inu is also available on PancakeSwap where the majority of the retail money flows. Therefore, it is wise to have a look at the chart of FLOKI/BNB as the platform requires users to hold BNB to buy other tokens.
The chart of FLOKI/BNB looks like the FLOKI/USDT one. At first, you have an accumulation range, followed by a first spike up.
The breakout on September the 11th was massive, as the price kept pushing higher for the next few days. A clear top was formed, and as you can see, during the range that formed after, Floki was making higher-lows and testing the resistance over and over again.
FLOKI/ETH
Lastly, you get to see the chart of Floki Inu (FLOKI) versus Ethereum (ETH), since Floki Inu is also available on Uniswap, where you can trade it against (wrapped) ETH.
This chart is different from the others as an all-time-high is yet to be seen against Wrapped Ether. The 4h demand zone, which was also the Golden Pocket Fibonacci has proven to be solid support. The Golden Pocket Fibonacci level is the zone between the .618 and .65 retracement, marked with orange.
However, FLOKI is struggling a bit here against the downsloping resistance and the .236 Fibonacci level.
If Vikings manage to break above here, new highs should be on the table.
Summarizing Everything for the People in a Rush
Although Floki Inu is a popular meme coin, it also offers utility to the masses. Here are some points that you should consider before investing in this token:
- Floki Inu is named after Elon Musk’s dog, Floki.
- There is a massive community of hodl-ers behind this strong token, called “The Vikings/Floki Vikings.”
- Floki Inu is working on three big projects apart from its aggressive marketing campaigns.
- The project is injecting $2 million into its marketing campaigns. The targets include advertising Floki Inu on buses and billboards around the globe.
- Recently, Floki broke out and made a new All-Time High on its USDT and BNB paired charts. A new high has to be made against Ethereum yet. Let’s see if Vikings manage to achieve that as well!
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.
