As Bitcoin (BTC) approaches the important $70,000 mark following the recent halving event, the meme market is on fire, with the likes of Floki (FLOKI), Pepe (PEPE), and Bonk (BONK) stealing the spotlight. Amid this rally, Floki stands tall, recording a staggering 15 percent rise in just 24 hours, trading at around $0.0002 during the early London session on Wednesday.
The mid-cap coin, which has a fully diluted value of about $2 billion and average daily trading volume of about $457 million, has risen nearly 40 percent in the past seven days, signaling the end of its correction.
Why bet on Floki in this bull cycle?
Backed in part by tech giant Elon Musk, Floki finds itself surrounded by the dynamic web3 ecosystem. Projects like Floki Locker, which facilitates the locking of liquidity pool tokens, have grown exponentially, amassing more than $142 million in total value locked (TVL).
Notably, FlokiFi Locker is a multi-chain protocol that supports 15 EVM-compatible blockchains. Supported chains include ETH, BSC, Base, Blast, Arbitrum, Polygon, Fantom, AVAX, Optimism, KCC, OKXChain, opBNB, Cronos, Evmos, and Dogechain.
FLOKI’s utility is receiving a notable boost through strategic partnerships, exemplified by its collaboration with Alltoscan, which locked $18 million worth of ATS tokens for 15 months using Floki Locker. These partnerships underscore the growing recognition of the Floki ecosystem within the cryptocurrency community.
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Floki price targets
As Floki’s price rises towards the upper border of the bull flag, analysts are anticipating further gains, anticipating a potential 3X upside in the near term. However, maintaining bullish momentum requires consistent closes above key technical indicators, including the 50-day moving average (MA) and the weekly relative strength index (RSI) above 70.
With supportive technical indicators and a thriving ecosystem, Floki’s journey towards retesting its all-time highs looks increasingly plausible, promising excitement for investors and enthusiasts alike.
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Will Floki achieve 3x? Stay tuned for the coin market to heat up!