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- Floki price exploded 25% on September 8, recording an intra-day high of $0.0000199.
- The move saw FLOKI outperform its peers in the meme coin community with prospects for more gains.
- Reportedly, the Floki network does not have founders or co-founders, but fraudsters leverage the narrative to tout shitcoins.
Floki Inu (FLOKI) price is trading with a bullish bias after a notable breakout that began on August 7. The meme coin exploded on the next day, outperforming its peers in the meme coin community, with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe coin (PEPE), and Bone ShibaSwap (BONE) all trading in the red.
Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets continue its unpredictability.
Floki Inu price explodes 25%
Floki Inu (FLOKI) price jumped 25% in the last 24 hours before facing a rejection from the 50-day Exponential Moving Average (EMA) at $0.00002027. Still, it remains 25% above its open price on September 8, with momentum indicators pointing to more gains incoming.
Notably, the move vindicated FLOKI from the grasp of a bearish chart pattern, as Floki Inu had been consolidating within a descending parallel channel. This technical formation occurs when the price records lower highs and lower lows, consolidating between two parallel and descending trendlines.
Increased buying activity could see Floki Inu price overcome the 50-day EMA hurdle, potentially flipping it into a support floor before ascending toward the 100-day EMA at $0.00002354. A decisive flip above this level could clear the way for FLOKI to make a run for the psychological $0.00003000. This move would denote a 30% climb above the 100-day EMA hurdle.
The uptick indicated by the Relative Strength Index (RSI) suggests momentum is rising. Furthermore, its position at 54 is way below the 70 mark, indicating there is still more room to the upside. This is bolstered by the histogram bars of the Awesome Oscillator, which are soaked in green, suggesting bulls are in control.
FLOKI/USDT 1-day chart
Conversely, if early profit takers pull the trigger, Floki Inu price could fall, possibly losing the support offered by the upper boundary of the chart pattern at $0.00001657. In the dire case, the meme coin could extend lower, breaking below the support offered by the midline and lower boundaries of the chart pattern to record a new range low.
Floki “co-founder” narrative being used to push a lot of different shitcoins
It comes as the Floki “co-founder narrative continues to be used to tout a lot of different shitcoins. Based on the reports, the strength of the project rides on the back of its strong community.
Nevertheless, the Floki ecosystem has disclosed that the network does not have a founder or co-founder. The report follows claims that “PetabyteCapital” was the network’s executive. Quelling the speculation, the network articulates being a “community project” to the core, with no history of any top executive whatsoever.
Per the report, individuals tend to claim false associations with the network for purposes of “leveraging the project’s brand capital and success to generate false hype to pump their scams.”
This turnout reiterates the need for community members to perform their own research and make investment decisions from an informed point of view.
@100viking, a co-contributor at Floki, has also denied being the project’s founder or co-founder even after saving the project almost singlehandedly. Notably, the individual had used his own resources to revive the project following the second rug pull by one of the developers and immediately handed it over to the community.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Source: FX STREET