FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?
Bitcoin’s (BTC) rise to as high as $35,000 this week has also lifted a number of memecoins, including Floki (FLOKI), which has beaten its top rivals in percentage gains.
As of Oct. 27, FLOKI had surged over 140% to $0.00004261, its highest level in five months. The memecoin, known for its controversial marketing tactics, rallied after New York-based Grayscale Investments filed for a new spot Bitcoin exchange-traded fund (ETF) on NYSE Arca, as shown below.
Looking at the past 24 hours, FLOKI’s gains have picked an additional boost from the launch of its tokenization platform, TokenFi, with its own native token, TOKEN, on Oct. 27. Notably, users will be allowed to stake their FLOKI holdings to receive TOKEN.
$FLOKI is launching staking and a new tokenization platform to target the $16 trillion tokenization industry today! ️️️️
Their new token is named TokenFi with the $TOKEN ticker! ️️️️️️
Brilliant idea and execution. No wonder #Floki is outperforming $DOGE, $SHIB,… https://t.co/n3sjXYdnJR
FLOKI’s ongoing price rally has brought its daily relative strength (RSI) to its most overbought level since January 2023.
An overbought RSI typically precedes a correction period. In FLOKI’s case, its earlier stint with overbought RSIs has followed up with strong price declines, thus raising the possibility of a similar downside reaction in the coming days or weeks.
If FLOKI’s rally stalls, then the FLOKI/USD pair risks dropping toward its 0.5 Fibonacci retracement line near $0.00003548 in October 2023. A decisive close below the level may crash the price toward the 0.236 Fib line near $0.00003069 in November 2023, down 20% from the current price levels.
Conversely, the price may break above the current resistance level of $0.00004027 to
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