Altcoin
Why FLOKI Price Hits 6-Month Peak With 5% Surge?
FLOKI price has gained significant traction from investors lately, as evidenced by the meme coin hitting a 6-month high recently. Notably, this rally comes amid a flurry of developments surrounding the token as well as in the broader crypto market. In addition, recent on-chain metrics also indicate that the meme coins sector is likely to continue its run toward the north ahead.
Why Is FLOKI Price Rising Today?
The FLOKI price noted a robust rally recently amid major listing announcements and other positive developments in the broader crypto market. So, here we explore some of the top reasons behind the surge in the top meme coin’s price today.
Coinbase Listing Fuels FLOKI Price Rally
The anticipation over the meme coin’s listing on Coinbase has fueled optimism in the market lately. For context, the exchange added the crypto to its roadmap listing last week, sparking a rally in the FLOKI price. This development also reflects how listing announcements from major exchanges usually boost the assets’ prices while boosting the market sentiment.
Meanwhile, the token again noted a strong rally since yesterday, after the exchange announced to add support for the crypto on the Ethereum network. As per the announcement, the trading will commence on November 21, if liquidity conditions are met. Besides, the exchange also said that once enough “supply of the asset is established”, it would eventually launch the FLOKI-USD trading pair in phases.
This announcement has further fueled optimism among investors, sparking hopes over soaring investors’ interest in the coming days. Having said that, the market anticipates this soaring interest in turn could significantly push the prices further high.
Meme Coin Frenzy
The rally in FLOKI price could be also attributed to the growing interest of the investors towards the broader meme coin segment. The meme coins have noted robust rallies in recent days, as evidenced by the soaring prices of assets like DOGE, SHIB, PEPE, and others.
Additionally, IntoTheBlock has shared a bullish chart recently, which has further sparked market interest. In a recent X post, the leading on-chain analytics firm said that meme coin season isn’t over yet, and the market has not fully entered the sector. In other words, the report hinted towards a continuing rally for the top meme coins in the coming days, which might have also helped gains in the asset’s price.
Broader Crypto Market Rally
The broader crypto market has received a robust boost after Donald Trump’s election win, as evidenced by the soaring prices of digital assets. Notably, BTC has noted a significant rally today nearing the $98K mark, and marking its new ATH.
This showcases the growing confidence of investors in the digital assets space. Considering that, it appears that a flurry of investors are also shifting their focus towards the meme coins, given their lower prices as compared to other top altcoins. In addition, many investors might take the bull run as an opportunity to book quick profits through meme coin trading, given the highly volatile nature of the assets.
FLOKI Price Rallies After Recent India Marketing Campaign
In a recent development, FLOKI has announced a marketing campaign in Delhi NCR, India, which has caught the eyes of investors. The campaign, announced on November 18, aims to promote Floki’s PlayToEarn MMORPG game, Valhalla, to the Indian Web3 landscape.
Targeting key areas in Delhi, the campaign is expected to reach over 650,000 people daily, generating buzz and driving investor enthusiasm. This move is seen as a bullish sign for crypto, enhancing its appeal in the Indian market and paving the way for further growth.
Binance’s Extended Support
The shifting market focus towards the meme coins sector is also evidenced by the recent growing support by the top crypto exchanges. As said earlier, Coinbase has recently added support for FLOKI sparking market optimism and triggering a rally in its price.
In addition, Binance has also revealed extended support for the meme coins recently, which include SHIB, FLOKI, and other altcoins. In a recent announcement, Binance has announced updates on leverage and margin pairs for FLOKI, SHIB, ADA, HBAR, and others. This development has also sparked investors’ optimism towards meme coins, especially FLOKI.
FLOKI Price Hits 6-Month High
FLOKI price was up more than 5% while writing, while its one-day trading volume rocketed 146% to $1.38 billion. Besides, the meme coin has touched a 24-hour high of $0.000288, marking its 6-month peak. Furthermore, CoinGlass data showed that FLOKI Futures Open Interest rose nearly 20%, reflecting the strong market confidence towards the crypto.
Besides, recently, an analyst hinted at a potential 200% rally in FLOKI price in the coming days, which has also sparked speculations among traders. However, despite the bullish move, investors should trade with caution as meme coins tend to showcase more volatility than other traditional assets.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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