thecoinrepublic.com
- 1 FLOKI Inu is a token, which was inspired by Tesla’s founder, Elon Musk’s favorite dog
- 2 FLOKI price is trading upon a critical EMA, see the price prediction below.
An advertising campaign promoting the Floki Inu token, inspired by Elon Musk’s favorite dog, is currently being displayed across London’s transportation system, despite regulators’ critical stance on crypto ads, as per a report by the Financial Times.
The campaign, funded by a 4% marketing fee on buyers, features the tagline “Missed Doge? Get Floki” on ads placed in Underground stations, trains, and buses.
The group’s head of marketing, Sabre, stated that the branding campaign’s objective is to legitimize the coin and establish trust among potential buyers.
The marketing head also highlighted the presence of scam artists in the crypto industry. The token trades as “FLOKI.” According to CoinDesk, developers of the Floki token plan to introduce a staking feature that will reward users with a new utility token.
The new token will be earned by staking FLOKI tokens, The DAO proposal shared with CoinDesk suggests that most of the supply can only be earned by staking FLOKI, with no pre-sale or fundraising for the new tokens. ‘B’, the chief developer, shared that users will be able to earn the new token by locking up their FLOKI tokens for a duration of 3 months to 4 years.
The proposal aims to reduce FLOKI tokens in circulation, leading to increased value. Staking involves locking tokens for yield rewards, attracting investor capital. The project has hired several new developers to ensure that the development of other Floki-based projects remains unaffected.
Technical Analysis and Prediction of FLOKI Price
FLOKI experienced a decline at the beginning but eventually showed signs of strength. This led to a surge in the FLOKI price from $58.21 to $64.14, fueled by bullish investors.
During the bull rally, FLOKI’s market capitalization and 24-hour trading volume also saw an increase from the 8th to the 10th of January. However, the surge was rejected at the 50-day EMA level of $0.000003343, which was acting as a critical resistance.
At present, FLOKI bears continue to dominate the market, with the price hitting a low of $48, nearly 30% down from the aforementioned significant resistance level. The 150-day EMA is at $0.000003054, which is expected to provide support.
If the support level fails, the next target for the bulls to rely on is $0.000002385. A break of the support level and the 150-day EMA at $0.000003033 would result in a bearish short-term FLOKI price.
Conclusion
FLOKI inu was inspired by Elon Musk’s dog. FLOKI price showed signs of strength recently, leading to a surge in the FLOKI price If the support level fails, the next target for the bulls to rely on is its 2nd support level.
Technical Levels
- Support Levels: $0.000003052 and $0.000002358
- Resistance Levels: $0.00003734 and $0.00004777
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.