Floki Inu rips 10% higher ahead of TokenFi launch as network looks to capitalize on tokenization


Share:
  • 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.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Crypto market cowers with sell signals after FOMC minutes

Crypto market cowers with sell signals after FOMC minutes

Bitcoin price could make a 5% trip south to the $48,000 psychological level. Ethereum price likely to revisit $2,770, a 5% fall with a sell signal already in play. Ripple price eyes a 7% fall amid growing overhead pressure.

More Cryptocurrencies News

Worldcoin price dips 25% as WLD holders cash in on faded AI narrative

Worldcoin price dips 25% as WLD holders cash in on faded AI narrative

Worldcoin price is down 23% since the Monday peak of $7.9960. WLD could extend the fall 9% to the key Fibonacci retracement level, 61.8% at $5.7330. Invalidation of the bearish thesis will occur if the AI token clears the range high to create a new local top.

More Worldcoin News

Bitcoin price could drop 7%, but MicroStrategy nearly merits S&P 500 inclusion

Bitcoin price could drop 7%, but MicroStrategy nearly merits S&P 500 inclusion

Bitcoin price has managed to climb a commendable distance since October, with the move benefitting MicroStrategy the most, among other investors. The company, having demonstrated strong support for BTC through successive purchases, could soon merit S&P 500 inclusion as it steadily checks the boxes for listing criteria. 

More Bitcoin News

SingularityNET: 15% drop likely for AGIX as multiple on-chain metrics flash bearish

SingularityNET: 15% drop likely for AGIX as multiple on-chain metrics flash bearish

SingularityNET price has dropped almost 12% since rejection from the peak of the market range at the $0.6000 psychological level. AGIX could extend the fall nearly 15% before providing a buying opportunity for late and sidelined investors. A higher high above $0.5999 would invalidate the bearish thesis.

More SingularityNET News

Bitcoin: BTC eyes $60,000 but correction looms

Bitcoin: BTC eyes $60,000 but correction looms

BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Read full analysis

BTC

ETH

XRP