FLOKI price recently hit a 6-month high, attracting a lot of attention from market participants. Notably, this rally comes amid a wave of developments around the token as well as the broader crypto market. Furthermore, recent on-chain metrics also indicate that the meme coin sector is likely to continue its northward run.
Why is the price of FLOKI increasing today?
FLOKI price has seen a sharp rise recently amid major listing announcements and other positive developments in the broader crypto market. So here we explore some of the main reasons behind the skyrocketing price of top coins today.
Coinbase listing fuels FLOKI price rise
Anticipation regarding the meme coin’s listing on Coinbase has fueled market optimism recently. For context, the exchange added the crypto to its roadmap list last week, triggering a FLOKI price rally. The move also reflects how listing announcements from major exchanges typically drive up asset prices while boosting market sentiment.
Meanwhile, the token once again noted a strong rally since yesterday, after the exchange announced the addition of crypto support to the Ethereum network. As per the announcement, trading will begin on November 21 if liquidity conditions are met. Furthermore, the exchange also said that once “the supply of the asset is sufficiently established,” it would eventually launch the FLOKI-USD trading pair in stages.
The announcement further fueled investor optimism, raising hopes of growing investor interest in the coming days. That said, the market expects that this growing interest could in turn push prices significantly higher.
Coin frenzy
The rise in FLOKI price could also be attributed to growing investor interest in the broader meme coin segment. Meme coins have seen strong rallies in recent days, as evidenced by the surge in prices of assets like DOGESHIB, PEPE and others.
Additionally, IntoTheBlock recently shared a bullish chart, which further piqued the market’s interest. In a recent article In other words, the report hinted at a continuation of the rally for the best coins in the coming days, which could also have contributed to the rise in the price of the asset.
Broader Crypto Market Rally
The broader crypto market received considerable momentum following Donald Trump’s election victory, as evidenced by the surge in digital asset prices. Notably, BTC noted a significant rally is approaching the $98,000 mark today and marks its new ATH.
This shows the growing confidence of investors in the digital asset space. Given this, it appears that a large number of investors are also turning to meme coins, given their lower prices than others. best altcoins. Additionally, many investors could take advantage of the bull run as an opportunity to make quick profits through meme coin trading, given the highly volatile nature of the assets.
FLOKI Prices Rebound After Recent India Marketing Campaign
In a recent development, FLOKI announced a marketing campaign in Delhi NCR, India, which has attracted the attention of investors. The campaign, announced on November 18, aims to promote Floki’s PlayToEarn MMORPG game Valhalla in the Indian Web3 landscape.
Targeting key areas of Delhi, the campaign is expected to reach over 650,000 people per day, generating buzz and generating investor enthusiasm. The move is seen as a bullish sign for the crypto, boosting its appeal in the Indian market and paving the way for further growth.
Expanded Binance Support
The shift in market focus towards the meme coin sector is also evidenced by the recent growing support for the meme coin sector. best crypto exchanges. As previously reported, Coinbase recently added support for FLOKI, sparking market optimism and triggering a rise in its price.
Furthermore, Binance also revealed extensive support for meme coins recently, which include SHIB, FLOKI and other altcoins. In a recent announcement, Binance announced updates to leverage and margin pairs for FLOKI, SHIB, ADA, HBAR and others. This development has also sparked investor optimism towards meme coins, particularly FLOKI.
FLOKI price hits 6-month high
FLOKI’s price is up more than 5% at the time of writing, while its one-day trading volume soared 146% to $1.38 billion. Furthermore, the meme coin reached a 24-hour high of $0.000288, marking its 6-month high. Additionally, CoinGlass data showed that FLOKI futures’ open interest increased by almost 20%, reflecting the market’s strong confidence in crypto.
Furthermore, recently, an analyst alluded to a potential 200% increase in FLOKI price in the coming days, which has also sparked speculation among traders. However, despite this bullish trend, investors should trade with caution as meme coins tend to exhibit more volatility than other traditional assets.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. Its role involves publishing articles, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting relevant economic information. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with diverse audiences.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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