In the cryptocurrency industry, the meme sector has shown itself to be a promising area because of its performance. In 2024, the crypto-meme industry experienced remarkable growth, with tokens like PEPE, DOGE, SHIB, FLOKI, WIF, and many others experiencing significant upward momentum. On May 27, 2024, FLOKI, the 6th largest meme coin, gained massive attention from crypto enthusiasts following a 21% price surge in the last 24 hours.
FLOKI’s massive price surge attracts investors
This price surge for FLOKI followed the breakout of a horizontal level at the $0.00023 mark. Additionally, after breaking out from the $0.00023 level, FLOKI also broke through a major resistance level at $0.00025. Now, FLOKI is heading toward its all-time high.
In the last 24 hours, investors and traders have shown increased confidence while trading FLOKI tokens. According to data from CoinMarketCap, FLOKI’s trading volume surged by 235% in the last 24 hours, highlighting increased interest from investors, institutions, and traders.
With this massive price surge, FLOKI is currently trading near $0.00027, experiencing a 21% increase in the last 24 hours. With this massive price surge, today it outperformed top meme tokens like PEPE, SHIB, DOGE, BONK, WIF, and many others. However, over the past 7 days, FLOKI has seen a 38% price increase, and over the last 30 days, its price has risen by 55%.
Besides FLOKI’s impressive price surge, other meme tokens like SHIB, PEPE, and BONK, also experience decent price surges of over 4%, 4.5%, and 5%.
Here’s Why FLOKI price is increasing
The reason behind this significant interest in meme coins, especially FLOKI, is the approval of a spot Ethereum ETF by the U.S. SEC. This approval has benefitted meme tokens built on the Ethereum blockchain, leading to substantial price increases for tokens like FLOKI, PEPE, and SHIB.
According to expert technical analysis, FLOKI is looking bullish. However, in the coming days or hours, it may see a price correction based on its historical chart patterns. There is a high chance that FLOKI may retest its previous breakout level of $0.00025. On the other hand, it also has the potential to directly hit and break its all-time high level of $0.00030.
