Floki price rallied to its highest level since June 8 after Coinbase, the largest crypto exchange in the United States, listed it and as the crypto bull run continued.
Floki (FLOKI), one of the top meme coins, surged to $0.00028, marking a 172% increase from its lowest level in August.
This rally occurred in a high-volume trading environment in both the futures and spot markets. Spot market volume reached $1.68 billion, a significant figure given Floki’s market cap of over $2.5 billion. Floki’s open interest in the futures market rose to $40 million, its highest level since September 28.
Its volume is expected to increase further following its Coinbase listing, as the exchange boasts millions of users. Typically, cryptocurrency prices see significant gains after being listed on a tier one exchange like Coinbase.
The Floki token has also benefitted from a reduction in circulating supply due to its burning mechanism. Data from Cryptoeye shows that token burns have accelerated recently, reducing the circulating supply to over 4.12 billion tokens after 5.8 billion tokens were burned since inception.
These burns are primarily sourced from Floki’s ecosystem, which includes platforms like Valhalla, TokenFi, and FlokiFi.
Floki’s surge aligns with the ongoing crypto bull run that has pushed Bitcoin (BTC) close to $100,000. Meme coins and altcoins often perform well during such periods, especially when the crypto fear and greed index rises.
Javon Marks, a prominent crypto analyst, predicts further upside for Floki, estimating a 92% increase from current levels based on a falling wedge pattern on the 3-day chart.
Floki price could jump by 32%
The daily chart indicates a strong rally for Floki after its August low of $0.0000965. A golden cross pattern has formed as the 50-day and 200-day Exponential Moving Averages crossed.
The MACD indicator has moved above the zero line, and the coin remains above the key support level of $0.00021, the highest swing on June 22.
Further gains could be confirmed if Floki breaks above the key resistance level of $0.00028, its weekly high. If this occurs, the next target will be $0.00035, the highest point in June, representing a 32% increase from current levels.
