Is There Still Time to Buy Floki Meme Coin After 23.7% Weekly Surge?

Over the last seven days, popular ERC-20 meme coin Floki ($FLOKI) outpaced crypto’s favorite doggy meme coins and rallied a blistering 23.7% to trade at $0.0002138. Floki’s rally comes as a sea of green candles across most leading cryptocurrencies makes for an emerald market. Leading cryptocurrency Bitcoin ($BTC) is the usual pacesetter, and in the […]

The post Is It Too Late to Invest in Floki? Floki Price Leads as AI Meme Coin Readies for Exchange Listing appeared first on rzmarketeer.blogspot.

In Detail:

Floki, an artificial intelligence (AI)-based meme coin, has recently captured the attention of crypto investors as it leads the pack in terms of price increase. Over the past week, Floki has surged by 23.7%, bringing its current trading price to $0.0002138, according to data from CoinGecko. This puts Floki ahead of other popular doggy meme coins, indicating a renewed interest in the project.

Interestingly, Floki's inspiration and namesake come from SpaceX CEO Elon Musk's own Shiba Inu dog named Floki. Musk is known for his influence in the cryptocurrency world, often sharing updates and opinions about different digital assets on Twitter. Though Musk does not officially back Floki, the connection to him seems to add an extra layer of intrigue for potential investors.

When comparing Floki to major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), it becomes apparent that the meme coin has outshone them in terms of weekly percentage changes. At the same time, BTC and ETH experienced relatively minor fluctuations, with BTC shedding 2.5% and ETH dropping 1.3%. Other leading altcoins also showed limited growth, whereas Floki managed to generate substantial gains.

A look at Floki's trading chart reveals that the meme coin discovered a newfound support level following a sharp but erratic rally earlier in March. Currently, Floki is priced almost identically to its 30-day moving average, with a Relative Strength Index (RSI) reading of 49, suggesting that additional selling pressure is probable later in the day. Nevertheless, the overall price remains relatively steady.

Recently, the Floki community proposed a plan to burn 15.2 billion FLOKI tokens, aiming to decrease circulating supply and boost scarcity. If implemented, this move could positively affect Floki's price trend. The proposal requires approval from the Floki Decentralized Autonomous Organization (DAO) before proceeding, reflecting the democratic decision-making process in place for the meme coin.

Concurrently, other meme coins such as PEPE, FLOKI, PEOPLE, TURBO, BONK, and WIF are experiencing simultaneous price increases alongside Floki. For example, PEPE rose by nearly 28% in the previous 24 hours alone, highlighting the revitalized bullishness for meme coins.

Analysts suggest that the recent surge in meme coins, including Floki, is partly attributed to Bitcoin touching $57,000—a psychological resistance level that sparked FOMO (Fear Of Missing Out) sentiment among traders and investors. Moreover, meme coins tend to attract speculative investments, driving up their prices even higher.

Considering Floki's impressive price performance over the past week, coupled with the ongoing popularity of meme coins, investors wondering if it's too late to jump on board should carefully weigh the pros and cons. While entering late into a bull run might carry certain risks, the possibility of further price increases cannot be ruled out entirely. Ultimately, conducting thorough research, understanding one's personal risk tolerance, and practicing proper portfolio diversification strategies are paramount for informed investment decisions.