FLOKI Price Jumps 23% As Social Sentiment Soar, Will FLOKI Retest ATH?
Memecoin project Floki is in the spotlight again after its price shot up by more than 23% to $0.0002812. For over a week, the memecoin project has been recording promising fundamentals all aimed at fueling its price rally. Over the trailing 7-days, the token has also soared by over 39% pitching it closer to erasing one zero.
FLOKI Trading Bots, Coinbase Influence Impact
More than one fundamental is driving the FLOKI price at this time. One of the biggest is the new initiative the FLOKI developers introduced, featuring trading bots.
The design of the trading bot was launched on Telegram and will serve Floki holders on the BNB Chain network. The goal is to ensure this bot drive the demand for the tokens through ease of access or purchase. However, the FLOKI trading bot charges 1% on every transaction it conducts.
As it highlighted, 50% of the transaction fees collected will be used in buying back FLOKI on the open market. In the memecoin world where tokens have a very large circulating supplies, developing a strategic measure to take away these supplies is essential in determining its future growth prospects.
Token burning is one of the major avenues projects like Shiba Inu (SHIB) and FLOKI get rid of their excess supply. As reported earlier by Coingape, FLOKI recently burnt as many as 15 billion tokens following approval by the Floki DAO.
One other major trend driving the popularity of FLOKI is its recent listing on Coinbase Perpetuals. Coinbase is recognized as the biggest crypto trading platform in the United States, making the listing a major validation.
Drive to All Time High
One major trend is defining the motive for the current rally of the memecoin project and it is correlated to the desire to retest its All-Time High (ATH) price. This ATH is currently pegged at $0.0003437, with the token just about 17% below the mark.
Should the FLOKI social sentiments which has pushed it to the top of the charts on exchanges like Coinbase be sustained, adding 17% in the coming weeks might be a reality. While Floki is pressing to retest a new ATH, rivals like PEPE have surpassed multiple all-time highs this month as the memecoin market gets a major boost overall.
Read More: Bitcoin Price Regains $70000, Memorial Day Rally In Play?
The post FLOKI Price Jumps 23% As Social Sentiment Soar, Will FLOKI Retest ATH? appeared first on CoinGape.
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