Floki Inu (FLOKI) Skyrockets 15% To Reach New All-Time High, Riding The BNB Uptrend
06 Juni 2024 - 12:00AM
NEWSBTC
Floki Inu (FLOKI), the dog-themed meme coin, has recently achieved
a significant milestone by reaching an all-time high (ATH) amidst
Binance Coin’s (BNB) upward trajectory. With a 15% surge in
the past 24 hours, FLOKI reached a record price of $0.0003491,
solidifying its position as the largest meme coin on the BNB Chain.
Floki Inu Receives Major Boost As DFW Labs Invests $12M This surge
comes as Web3 investor and crypto market maker DFW Labs announced a
substantial investment of $12 million in FLOKI tokens to support
the Floki ecosystem. The purchase involved acquiring a
portion of the tokens from the market and the remainder from the
Floki treasury. Notably, DWF Labs purchased $10 million worth of
FLOKI tokens in March, which also triggered a significant price
surge of over 30%, propelling the token to a nine-month high then.
The partnership between Floki and DWF Labs was initially
established in May 2023 when DWF Labs purchased $5 million worth of
FLOKI tokens. Since then, DWF Labs has been crucial in boosting
FLOKI adoption. Related Reading: Shiba Inu Burn Rate Flatlines With
99% Crash, End Of The Road For SHIB? In addition, further
developments are on the horizon for Floki, as they plan to release
the mainnet version of their flagship utility product, the Valhalla
metaverse game, later this year. Moreover, the team is set to
launch several key utility products, including the Floki Trading
Bot and the Floki Decentralized Domain Name and Website Service.
These upcoming releases have garnered significant attention from
investors, resulting in increased buying pressure and a rise in
token holders. The protocol boasts a notable milestone, with FLOKI
recently surpassing 417,400 holders on the BNB chain. The
protocol’s development team declared that Floki remains “the
dominant meme coin on the BNB chain,” boasting a substantially
larger market capitalization than all other BNB chain memecoins
combined. Price Correction Temporarily Impacts FLOKI’s Uptrend
According to CoinGecko data, FLOKI’s market capitalization is
currently at a substantial $3 billion, nearly doubling compared to
its market cap in May, which was $1.7 billion. Furthermore, FLOKI’s
daily trading volume has surged by 164% in the past 24 hours,
amounting to $1.2 billion, highlighting the token’s market
attention from investors and its prevailing bullish sentiment.
Despite these positive developments, Floki Inu has experienced a
price correction of approximately 8% within a matter of hours. It
is currently trading at $0.0003164. The next nearest support level
for the token is $0.0002985. Related Reading: Crypto Expert Reveals
Top 3 Trades To Take Now While there is a clear path for further
growth, Floki Inu faces the challenge of investor decision-making
on profit-taking and selling, which could potentially impact the
token’s short-term uptrend. In such a scenario, a
consolidation at current levels would be crucial in maintaining
gains and facilitating the resumption of the uptrend once the
buying trend resumes. Meanwhile, BNB is trading slightly below its
ATH, experiencing a 1.5% decline in the last hour and currently
valued at $699. Featured image from DALL-E, chart from
TradingView.com
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