Floki Inu rips 10% higher ahead of TokenFi launch as network looks to capitalize on tokenization
|- Floki Inu price is up 10% on skyrocketing trading volume.
- FLOKI must break above $0.00003369 to continue uptrend, steered by hype around October 27 TokenFi launch.
- The network will premiere the TokenFi token, with launch preceding Floki staking program.
- Invalidation of the bullish thesis will happen if the meme coin breaks and closes below $0.00002391.
Floki Inu (FLOKI) price managed to break from consolidation under a critical resistance, rallying behind its peer meme coins like Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe coin (PEPE). Nevertheless, FLOKI remains the top gainer, which comes on the back of a key network milestone.
Also Read: Shiba Inu’s SHIB price set to rally 22% following PEPE and FLOKI’s explosive moves
Floki Inu network to launch TokenFi for its staking program
The FLOKI Decentralized Autonomous Organization (DAO) has revealed plans to launch TokenFi, a crypto and asset tokenization platform, as part of the efforts to capitalize on the tokenization industry, which is projected to hit $16 trillion by the end of 2030. The ticker for the TokenFi ecosystem will be $TOKEN. A total supply of 10 billion tokens will be split across Binance Smart Chain (BSC) and Ether (ETH), each having around 5 billion tokens.
The launch will signify the introduction of a reward token for staking, with users required to lock up and stake their FLOKI for a duration of between three months to four years. Notably, there will not be a presale, private sale or fundraising for the token launch.
Based on the announcement, TokenFi’s ticker will be a utility token in a thriving industry with trillion-dollar potential, and institutional partnerships are already underway to ride the narrative.
Investors looking to trade $TOKEN can find it on decentralized exchanges Uniswap and Pancakeswap by 15:00 UTC on October 27. Big players such as CoinGecko are already paying attention to TokenFi, evidenced by the listing of TOKEN.
Floki Inu outperforms meme coin peers
Floki Inu (FLOKI) price is a top gainer in the meme coin space, outperforming many of its counterparts. With a 10% surge, FLOKI has recorded a multi-month high, dipping into the supply zone that extends from $0.00003235 to $0.00003500. For a continuation of the trend, the meme coin must break above the $0.00003369 level.
A decisive move above the aforementioned level could see Floki Inu price extend the gains, with the potential to reach the $0.00003500 barrier, or in a highly bullish case, extrapolate to the $0.00004000 psychological level.
The position of the Relative Strength Index (RSI) at 81 may suggests that FLOKI is massively overbought however. Its bias to the north indicates that the altcoin is still not ripe for selling though as more gains could still be in cards for Floki Inu price.
FLOKI/USDT 1-day chart
Conversely, a rejection from the mean threshold at $0.00003369 could send Floki Inu price south, possibly dipping as low as the $0.00003000 psychological level. In a more dire case, FLOKI could invalidate the bullish outlook by recording a daily candlestick close below the $0.00002391 level.
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