Floki Up 3.4%, Trader Predicts 'A Levered DOGE Play' Going Into Doge Day On 4/20

Floki FLOKI/USD has gained 3.4% over the past 24 hours, attracting bullish opinions from analysts, with one proclaiming it as the meme coin to watch during the current bull run cycle.

What Happened: Floki announced that TokenFi developers have proposed a new program that aims to allow users to purchase up to four times more tokens than the standard quota per wallet.

To gain priority access, a minimum holding or staking of $1,000 worth of TOKEN is required. This move addresses concerns regarding token sale events being quickly sold out to the general public, rather than benefiting TOKEN holders as intended.

Over the weekend, Floki was listed on the regulated cryptocurrency trading platform, M2 Exchange. This platform, founded in the U.A.E and licensed by the Financial Services Regulatory Authority of Abu Dhabi, caters to both institutional and retail investors.

Also Read: ‘Golden Bull’ Floki’s 75% Single Day Rally Leaves Dogecoin, Shiba Inu Behind: ‘Casual 10x Incoming,’ Says Trader

Price Action: Floki is up 3.4% on the day, trading at $0.000215 at the time of writing.

Why It Matters: A heavily-followed parody account of Elon Musk tweeted that Floki will be “THE main meme coin” to watch in this bull run, citing the meme coin’s fundamentals, “strong utility-driven token burns ($55 million worth last month), a strong roadmap and a brand recognized by billions due to aggressive marketing.”

Bitget partner Crypto Newton, under the pseudonym Shelby, stated in a recent X post that smart investors are leveraging recent price drops to invest in projects with solid foundations. Dogecoin DOGE/USD and Floki are among the two meme coins on that list, especially ahead of the Bitcoin halving and DogeDay, which fall on the same day.

Another widely followed trader, CRG, terms Floki as “a levered DOGE play.”

Heavily-followed crypto trader Inmortal tweeted about Floki’s potential, sharing a chart that highlights the coin’s recent performance and future prospects.

Last cycle $DOGE mega pumped on 4/20 and this is likely to happen again because you know how powerful memes are.$FLOKI will follow.
So my focus will be on riding the second wave of FLOKI.

Higher. pic.twitter.com/l2tdycmw8Y

— Inmortal (@inmortalcrypto) April 7, 2024

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Could FLOKI Be The Next Dogecoin? Analyst Says ‘Successful Retest’ Of 2 Levels Would Send It To New Highs

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