Memecoin Rally: Why FLOKI Price is Up Today?

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After being trapped in a correction mode for the past ten weeks, a fast-growing dog-themed meme coin, Floki Inu (FLOKI), has signaled a fresh bull wave on the horizon. The mid-cap meme coin, with a fully diluted valuation of about $1.8 billion and a 24-hour average traded volume of around $447 million, has rallied more than 30 percent in the past four weeks to trade at around $0.00019 on Tuesday, during the early London session.

What is Fueling Floki Inu’s Bullish Growth?

The rise of Dogecoin (DOGE) in prior crypto bull markets has inspired a fresh wave of meme coins led by Floki Inu, Shiba Inu (SHIB), and Pepe (PEPE) in recent times. Having been endorsed by tech billionaire Elon Musk in the past, Floki has attracted notable attention in the Web3 space.

Recently, VanEck’s MarketVector unveiled a Meme Coun Index (MEMECOIN) comprising the top six largest meme coins, including Floki.

Floki, one of the most liquid meme coins, has been a deflationary digital asset via regular on-chain burns. On Monday,  a new Floki DAO proposal went live to burn over 15 billion coins worth nearly $3 million. 

Midterm Price Target

The price of Floki spiked more than 15 percent in the past 24 hours following the emergence of a meme coin stock influencer, Roaring Kitty, after more than three years. According to a popular crypto analyst, Captain Faibik, Floki’s price is on the verge of a major bullish uproar in the coming weeks.

Notably, the crypto analyst indicated Floki’s price has formed a bullish pennant in the past two months. After yesterday’s bullish breakout, the crypto analyst noted that the meme coin needs to consistently close above the falling logarithmic trend to ensure bullish momentum.

If the bullish momentum holds, the crypto analyst believes Floki’s price will spike by at least 200 percent in the coming weeks.