Floki Price Soars After Coinbase Listing

Floki price reached its highest level since June 8 as Coinbase, the largest crypto exchange in the United States, listed the meme coin amidst a continued crypto bull run.

The surge in Floki (FLOKI) saw it rise to $0.00028, marking a 172% increase from its lowest point in August.

This price rally took place in a high-volume trading environment across both futures and spot markets. The spot market volume soared to $1.68 billion, a significant figure considering Floki’s market cap of over $2.5 billion. Additionally, Floki’s open interest in the futures market reached $40 million, its highest level since September 28.

The recent Coinbase listing is expected to further boost Floki’s trading volume, as the exchange serves millions of users. It is common for cryptocurrency prices to experience substantial gains after being listed on a top-tier exchange like Coinbase.

Floki has also benefited from a decrease in circulating supply due to its burning mechanism. Data from Cryptoeye reveals an accelerated rate of token burns, reducing the circulating supply to over 4.12 billion tokens after 5.8 billion tokens were burned since inception.

These burns primarily originate from Floki’s ecosystem, which includes platforms such as Valhalla, TokenFi, and FlokiFi.

The surge in Floki’s price aligns with the ongoing crypto bull run that has propelled Bitcoin (BTC) towards $100,000. Meme coins and altcoins tend to perform well during such bullish periods, especially as the crypto fear and greed index climbs.

Prominent crypto analyst Javon Marks anticipates further upside for Floki, projecting a 92% increase from current levels based on a falling wedge pattern on the 3-day chart.

Floki Price Forecast: Potential 32% Jump

The daily chart indicates a robust rally for Floki following its August low of $0.0000965. A golden cross pattern has emerged as the 50-day and 200-day Exponential Moving Averages intersect.

The MACD indicator has crossed above the zero line, with the coin maintaining its position above the key support level of $0.00021, the previous high set on June 22.

Further gains could materialize if Floki breaches the crucial resistance level at $0.00028, its weekly peak. In doing so, the next target would be $0.00035, the highest point reached in June, representing a potential 32% increase from current levels.