Floki (FLOKI) Price Indicates Bullish Breakout After Coinbase Listing
Amidst the meme coin surge initiated by Dogecoin (#DOGE), Floki (#FLOKI) indicates a potential bullish breakout. The mid-cap meme coin, with a fully diluted valuation of approximately $2.5 billion, experienced a 150% increase in daily average traded volume, exceeding $1.4 billion on November 21.
Floki, which benefits from Elon Musk’s X post, rose over 4% in the last 24 hours, trading at about $0.00025. Among the top 20 meme coins by market cap, Floki was the only one to register positive gains during this period.
Floki Gets Listed on Coinbase
Following recognition from the Binance ecosystem, the Floki project has cultivated a community of speculative traders. The Floki core developers have launched several initiatives including the FlokiFi Locker, utilized by emerging crypto tokens to secure liquidity.
Currently, Floki holds net liquidity of about $25 million and total value locked exceeds $44 million. With over 420,000 on-chain holders and a treasury balance exceeding $8 million, Floki is attracting Web3 investors, including DWF Labs and 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 November 20, Coinbase announced its support for Floki on the Ethereum network, with trading commencing on November 21 in supported regions. Plans are also in place to establish a Floki - USD trading pair if liquidity conditions are satisfied.
The Coinbase listing is expected to significantly impact Floki in the upcoming months and may influence other exchanges, like Robinhood Markets Inc. (NASDAQ: HOOD).
Midterm Targets
The Floki team has burned nearly 59% of the total supply, equating to around $1.5 billion. Given the rising demand for meme coins, Floki is positioned for price discovery soon.
Technically, Floki's price against USD is nearing a breakout of significant resistance at its all-time high, following Bitcoin's consolidation since March.
#FLOKI/USDT
One of the most bullish structure across #memecoins 🔥
Breakout of massive cup & handle and 259 days of re-accumulating below the major resistance zone🧐
Breakout is imminent🚀
✔️1 target – 0.00061000$
✔️2 target – 0.00092900$
✔️3 target – 0.00118700$ pic.twitter.com/4ye9pzWHOU— Daniel Ramsey (@ramseycrypto) November 20, 2024
Crypto trader Daniel Ramsey noted that Floki's price has formed a macro cup and handle pattern, typically leading to a bullish breakout. He identified the first target for Floki at $0.00061, indicating a potential rise of over 100% from the current price.