Floki’s FLOKI/USD new partnership is aiming to boost the meme coin's real-world adoption, with traders predicting a bull run for the meme coin.
What Happened: Floki officially announced that Valhalla partnered with Sunderland AFC for the full 2024/25 season as the club’s main back-of-shirt sponsor.
With this collaboration, Floki's Valhalla game will be showcased in front of a TV audience of over 21 million across 4,500+ broadcast hours. It will also be now visible to Sunderland's more than 4 million social media followers.
Floki Inu hopes to make Valhalla a household name in the gaming and crypto space, accelerating adoption for the meme coin through this partnership.
In a separate development, Floki announced the upcoming launch of Simon’s Cat token on TokenFi. Simon's Cat token is the first major cat meme coin on BNB Chain. Simon Cat will airdrop partial supply to Floki holders.
Also Read: Floki Listed On Bitstamp, ‘Poised To Follow Dogecoin’s Movements,’ States Trader
Why It Matters: IntoTheBlock data shows large transaction volumes decreased by 83.1%, while daily active addresses dropped by 15.2%. Over the past seven days, transactions greater than $100,000 increased from 8 to 17 transactions as of August 8.
Despite price volatility, 71% of Floki holders are currently making a profit. Over the past month, the meme coin is down 12.7%.
The meme coin boasts 86% concentration by large holders. Crypto trader Shelby stated in his latest tweet that Floki is not just a meme but it is a "gaming movement." He believes that this new partnership will place Floki ahead of Dogecoin DOGE/USD, Shiba Inu SHIB/USD and Pepe PEPE/USD based on real-world adoption and utility.
Another crypto trader thinks that the price correction could be complete, but there is still one last final wave down to fill the wick. Based on technical analysis, early December could be of some significance for Floki. He concluded, "And while the current read is that the next wave up completes a larger degree (iii) there is still room for a (v)."
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
- Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader
Image: Shutterstock
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