🔥💥Memecoin Rally: Why Did FLOKI Price Rise Today?

After being stuck in a correction mode for the past ten weeks, #Floki (#FLOKİ )a rapidly growing dog-themed meme coin, has signaled a new wave of bulls on the horizon. With a fully diluted valuation of about $1.8 billion and a 24-hour average trading volume of about $447 million, the mid-sized meme coin has risen by more than 30 percent in the last four weeks, trading on Tuesday at around $ 0.00019.

What Is Fueling Floki Inu's Bullish Growth?

The rise of Dogecoin (DOGE) during the previous crypto bull markets has inspired a new wave of meme coins recently, led by Floki Inu, Shiba Inu (SHIB) and Pepe (PEPE). Floki, which has been endorsed by tech billionaire Elon Musk in the past, has attracted considerable attention in the Web3 space.

Recently, Vaneck's Marketvector announced a Meme Coun Index (MEMECOIN), which includes the six largest meme coins, including the Floki.

Floki, one of the most liquid meme coins, has been a deflationary digital asset through regular intra-chain burns. On Monday, a new Floki DAO proposal to burn more than 15 billion coins worth about $ 3 million went live.

Floki's price has soared by more than 15 percent in the last 24 hours after the appearance of Roaring Kitty, a meme coin stock influencer, after more than three years. According to a popular crypto analyst Captain Faibik, Floki's price is on the verge of a big rise in the coming weeks.

In particular, the crypto analyst noted that Floki's price has shown an upward trend in the last two months. After yesterday's bullish outburst, the crypto analyst stated that the meme coin should consistently close above the falling logarithmic trend in order to maintain bullish momentum.

If the bullish momentum continues, the crypto analyst believes that Floki's price will increase by at least 200 percent in the coming weeks.

#Memecoins #binance