Floki (CRYPTO: FLOKI) is back in the spotlight after an Elon Musk social media mention sent the meme coin flying 24% higher, reigniting retail excitement and whale activity across the market.
Musk Effect Ignites Floki Price Explosion
FLOKI Netflows (Source: Coinglass)
The so-called "Musk effect" returned to the cryptocurrency market as Floki recorded $4.07 million in net inflows on Oct, 20, marking its highest daily total this month, according to Coinglass.
The buying spike came within hours of Musk's mention, reigniting the same sentiment seen during previous Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) rallies.
Whale Inflows Push FLOKI To Monthly Highs
FLOKI Price Dynamics (Source: TradingView)
Floki's daily chart shows a clear breakout from its two-month descending channel, with price climbing above the 20-day exponential moving average (EMA) at $0.0000786.
The token now targets resistance between $0.0000918 and $0.0000984 — the 50- and 100-day EMAs — while a close above $0.0001006 would confirm a full breakout from the bearish structure.
Such a move could open the path toward July's high near $0.0001600.
On the downside, initial support lies near $0.0000780, with deeper levels around $0.0000650 if profit-taking accelerates.
Why It Matters
Floki's surge shows how personality-driven catalysts still overpower fundamentals in meme coin trading.
A single mention from Musk triggered inflows that rival what some mid-cap tokens see in weeks.
The pattern underscores a fragile market where sentiment, not utility, drives price discovery.
For traders, it's a reminder that volatility in this sector is narrative-first — and the next headline can decide whether Floki doubles or collapses.
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