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What Is Driving FLOKI’s Recent Surge In May 2024?

By May 16, 20244 minute read

In the volatile world of meme tokens, Floki (FLOKI) has emerged as a notable crypto that keeps experiencing impressive surges every now and then. Recently, according to CoinMarketCap, FLOKI surged by 50% in the past 30 days. The crypto community is excited to learn about this upward trend in crypto.

In this article, we’ll delve into the factors responsible for FLOKI’s upward trajectory, analyze the impact of the Relative Strength Index (RSI), and provide some essential insights for investors.

Let’s begin!

Driving Forces Behind FLOKI’s Soaring Performance

FLOKI has been riding the wave of recent market conditions, exhibiting a notable upward trend that has captured the attention of investors and traders. Over the past few days, FLOKI’s price has steadily climbed, easily breaching short-term resistance levels. However, this surge has been accompanied by a significant decline in the volume of FLOKI sent to exchanges, indicating heightened investor activity and interest.

Source: CoinMarketCap

Analyzing the daily time frame chart, it becomes evident that FLOKI has maintained a consistent upward trajectory over the past three days. On May 13, the crypto witnessed an impressive surge of over 8%, reaching approximately $0.00018. This momentum persisted with a 3% rise the following day, and as of the latest data, FLOKI boasts a remarkable 12% increase, pushing its price to around $0.00021.

The Role of the Relative Strength Index (RSI)

The Relative Strength Index (RSI) approaching 65 signals a strong bullish trend nearing the overbought zone, hinting at the potential for further price increases. Expert analysis remains optimistic about FLOKI’s short-term prospects, supported by increased network activities and trading volume. The expanding volume underscores the growing interest and positive sentiment surrounding crypto.

Source: TradingView

Key Insights for Investors

Here are some major insights for potential investors obtained from FLOKI’s recent performance:

  • Heightened Investor Interest: The significant decrease in FLOKI sent to exchanges signifies heightened investor interest and confidence in the token’s potential.
  • Bullish Momentum: With the RSI nearing 65, FLOKI exhibits a strong bullish trend, suggesting the possibility of continued price appreciation.
  • Surge in Trading Volume: Trading volume has witnessed a significant increase, surpassing $800 million recently. This surge in volume reflects positive on-chain dynamics for FLOKI and suggests a growing market appetite for the token.

The Surge in FLOKI’s Volume

Analysis of FLOKI’s volume chart reveals a recent uptick in trading activities, particularly notable considering the decline observed in the previous month. On May 13, the volume experienced a significant spike, surpassing $360 million by the day’s end. As of May 14, the volume surged past $800 million, marking the highest levels since March. This upward trend in volume indicates a substantial increase in trading activities, reflecting positively on FLOKI’s market dynamics.

The Impact of Kraken’s Listing on FLOKI’s Growth

The recent listing of FLOKI on Kraken, a renowned US-based exchange, has played a pivotal role in driving FLOKI’s impressive growth trajectory. Kraken’s introduction of Perpetual Futures Trading for FLOKI has provided an additional avenue for trading and investment, elevating FLOKI’s status in the digital currency landscape. This strategic move has expanded trading possibilities and positioned FLOKI as a mature asset worthy of institutional consideration.

Kraken’s Adoption of FLOKI: A Game-Changer for Meme Tokens

Kraken’s decision to incorporate Perpetual Futures Trading for FLOKI marks a significant milestone for the meme tokens. Kraken’s reputation for stringent listing criteria underscores the significance of this development, signifying growing recognition of FLOKI’s potential and market viability.

Market Performance and Acceptance

FLOKI’s inclusion in Perpetual Futures Trading aligns with its increasing acceptance across various financial platforms. Additionally, FLOKI’s recent integration into Revolut Business expands its reach and utility within Europe, further solidifying its presence in the crypto ecosystem.

FLOKI Price Prediction 2024

As per CoinCodex’s latest Floki Inu price forecast, the token is anticipated to surge by 235.36%, potentially reaching $0.000723 by June 15, 2024. Technical indicators suggest a bullish sentiment, while the Fear & Greed Index registers at 70 (Greed). Floki Inu has seen 17 out of 30 (57%) green days, exhibiting price volatility of 10.59% over the past month.

CoinPedia reports that FLOKI is currently trading at a substantial 90% decline from its all-time high of $0.0003437, indicating a potential reversal in price trends. Additionally, Floki has scheduled multiple updates throughout the year, including both minor enhancements and major collaborations.

Considering these factors, it is speculated that by the conclusion of 2024, the meme coin could attain a potential peak of $0.0000687. However, the occurrence of a business crisis could potentially plummet the price to $0.000012. As a result, the average price of Floki may stabilize around $0.0000451.

Conclusion: The Future of FLOKI

FLOKI’s recent surge underscores its growing recognition and potential within the crypto market. With strategic listings, increased trading volume, and positive technical indicators, FLOKI is poised for continued growth and market relevance. Investors keen on capitalizing on emerging trends should closely monitor FLOKI’s performance as it continues to chart its course in the digital currency landscape.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Harshita Shrivastava

Harshita Shrivastava is an Associate Content Writer with WazirX. She did her graduation in E-Commerce and loved the concept of Digital Marketing. With a brief knowledge of SEO and Content Writing, she knows how to win her content game!

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