Over the previous week, the cryptocurrency Floki (FLOKI), which is associated with dogs, has experienced a significant increase, rising by 50%
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The price of dog-themed cryptocurrency Floki (FLOKI) has witnessed a substantial 50% rise over the last week, surging from a low of $0.000139 to $0.00021 before facing some resistance. This bullish momentum is being fueled by FLOKI's recent spot listing, key marketing updates, and the WazirX hack. Cryptocurrency analyst Javon Marks has observed a hidden bullish divergence in FLOKI, which could indicate a significant price increase. According to Marks' analysis, this divergence suggests a potential rise of nearly 81%, bringing the price to $0.00034888. As the chart forms higher highs and the indicator creates lower highs, this divergence suggests a potential continuation of the uptrend. Marks also noted that breaking through a crucial resistance level at $0.0002761498 could lead to further gains, potentially pushing the price to $0.00054673, marking a further 54% increase from the first target, reports Coingape. Moreover, Dogecoin's (DOGE) recent rally has sparked periods of heightened interest in meme-based cryptocurrencies, which is also beneficial for FLOKI and Shiba Inu (SHIB). While FLOKI's price movements have generally followed DOGE, it has often outperformed the memecoin during periods of market bullishness. Floki is now the highest-valued play-to-earn (P2E) cryptocurrency by market capitalization, ranking ahead of Axie Infinity, The Sandbox, Decentraland, and Gala. During a recent Binance Live AMA session, Floki also previewed its Valhalla game, which garnered an audience of 33,000 people and generated excitement for the token. Furthermore, the trading volume and open interest have contributed to FLOKI's bullish momentum. The derivatives trading volume increased by 54.36% to reach $173.24 million, suggesting a heightened level of interest and potential for market volatility. As more traders entered the market, the open interest surged by 21.46% to reach $26.74 million, indicating a bullish market sentiment. The recent hack of Indian cryptocurrency exchange WazirX, which resulted in a total loss of over $230 million including $4.7 million worth of FLOKI tokens, initially raised concerns. However, the market has largely absorbed the sell-off, showcasing FLOKI's liquidity and resilience. The hacker has also sold off all the obtained FLOKI tokens and no longer has the capacity to influence the token price. Floki's team is working closely with WazirX to minimize the impact of this event on FLOKI holders and ensure minimal disruption. Their prompt and ongoing support have helped stabilize the token's market presence. Upcoming exchange listings and promotional initiatives are also bolstering FLOKI's presence. One significant addition is Kraken, which will enable users to purchase the token using EUR and USD upon its spot listing on the exchange, increasing the token's accessibility. As Kraken is a top-tier exchange in the United States with over 10 million users, this integration is expected to be beneficial for FLOKI. Floki's marketing efforts include sponsoring the Women's Asia Cup Cricket 2024 to promote their Play-to-Earn MMORPG game, Valhalla. This collaboration is set to reach a vast audience, further enhancing FLOKI's visibility and adoption in the market. Despite a clash between bullish and bearish forces within the past 24 hours, the price of FLOKI has managed to rebound. After finding support at the lowest point of the day, priced at $0.000184, the price experienced a significant increase. Currently, FLOKI is being traded for $0.0002044, which marks an 8% increase from the lowest price of the day. At the rally, FLOKI also saw a substantial 8% rise in its market capitalization, which now stands at $2 billion. The 24-hour trading volume also increased significantly, reaching $350,303,640. This spike indicates growing confidence among investors as traders anticipate further gains from the token.
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