The Floki ecosystem has grown in the recent past with more than $45 million in total value locked due to the support of other meme coins.
Amid the ongoing meme coin mania sparked by the recent Dogecoin DOGE $0.16 24h volatility: 4.5% Market cap: $24.38 B Vol. 24h: $1.84 B uproar, Floki FLOKI $0.000055 24h volatility: 4.9% Market cap: $534.59 M Vol. 24h: $125.34 M has signaled an imminent bullish breakout to its price discovery soon. The mid-cap meme coin, with a fully diluted valuation of about $2.5 billion, registered a spike of more than 150% in its daily average traded volume to over $1.4 billion on Thursday, November 21, during the early New York session.
The dog-themed meme coin, which thrives through Elon Musk’s X post, rallied over 4% in the last 24 hours to trade at about $0.00025 at the time of this writing. In the top 20 meme coins by market cap, only Floki registered positive gains during the past 24 hours.
Floki Gets Listed on Coinbase
Following the notable recognition from the Binance ecosystem, the Floki project has attracted a vibrant community of speculative traders in the past. The Floki core developers have launched several projects including the FlokiFi Locker, which is used by other upcoming crypto tokens to lock liquidy.
As a result, the Floki project, which has a net liquidity of about $25 million, has seen its total value locked up to more than $44 million. With over 420K on-chain holders and a treasury balance of over $8 million, Floki has attracted more Web3 investors including DWF Labs, and more recently Coinbase Global Inc (NASDAQ: COIN).
Coinbase will add support for FLOKI (FLOKI) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 20, 2024
On Wednesday, Coinbase announced that it will add support for Floki on the Ethereum network. The cryptocurrency exchange announced that trading of Floki will commence on Thursday, in the regions where trading is supported.
Meanwhile, Coinbase highlighted that plans are underway to establish a Floki – USD trading pair if its set liquidity conditions are met.
The impact of Coinbase listing on Floki will be significant in the coming months and potentially influence other exchanges, led by Robinhood Markets Inc. (NASDAQ: HOOD), following a similar move.
Midterm Targets
The Floki team has so far burned nearly 59% of the total supply, with around $1.5 billion at the time of this report. With the rising demand for meme coins, Floki is well-positioned to enter its price discovery phase soon.
From a technical analysis standpoint, Floki price against USD is on the cusp of a breakout of a major resistance at its all-time high. The meme coin is gradually following in Bitcoin’s footsteps after consolidating since March this year.
#FLOKI/USDT
One of the most bullish structure across #memecoins 🔥
Breakout of massive cup & handle and 259 days of re-accumulating below the major resistance zone🧐
Breakout is imminent🚀
✔️1 target – 0.00061000$
✔️2 target – 0.00092900$
✔️3 target – 0.00118700$ pic.twitter.com/4ye9pzWHOU— Daniel Ramsey (@ramseycrypto) November 20, 2024
According to crypto trader Daniel Ramsey via an X post, Floki price, in the weekly time frame, has been forming a macro cup and handle pattern, which is often followed by a major bullish breakout. Based on the weekly Fibonacci extension, the crypto analyst has set the first target for Floki at $0.00061, which is a rise of more than 100% from the current price.
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