The Floki Inu price has risen as meme coins rebound in the past two days. FLOKI is trading at 0.00002365 USDT, which is slightly above this week’s low of 0.000020 USDT. This price is about 93% below the highest point level in 2021. Its market capitalisation has risen to more than $215 million. Other meme coins like Dogecoin, Shiba Inu, and Dogelon Mars have rebounded.
Floki Inu and other meme coins are rising as investors react to the decision by Elon Musk to acquire Twitter. Dogecoin has done significantly better, considering its price has jumped by over 25% in the past 24 hours. Investors believe that Musk will be positive for meme coins. For one, he has already announced that Twitter should start accepting Dogecoin for its micropayments.
Still, it is unlikely that his acquisition will spur more demand for DOGE and other meme coins in the long term. For example, Dogecoin price has struggled since Tesla started accepting the coin for its accessories business.
In the past few months, Floki Inu has expanded its ecosystem as it seeks to bring more utility to the network. For example, it has announced that it will launch Valhalla, a play-to-earn NFT metaverse game. Also, it will launch Floki Places, where people can mint and trade their NFTs. Further, Floki recently launched another ad campaign in London, featuring 100 bus supersedes, 18 cross-track, and 185 four sheets posters. The campaign started on Monday and will run for two weeks.
Floki Inu price prediction
The daily chart shows that the FLOKI price has been in a major downward trend in the past few weeks. Along the way, the coin has formed a descending channel pattern that is shown in orange. It has also moved below the 25-day and 50-day exponential moving averages (EMA), while the Stochastic Oscillator has moved above the oversold level.
Therefore, there is a possibility that the Floki Inu price will bounce back and retest the upper side of the descending channel at about 0.0000338 USDT. However, a drop below the lower side of the channel will invalidate this view.