• 23 July, 2024
Market News

Floki Falls More Than 5% Amid Addition In Top 100 Tokens With $500M Market Cap

Floki MemeFi project continues to break records. $FLOKI entered the top 100 cryptocurrency club with a $500 million market cap

After testing an all-time high on Thursday following Musk’s tweet, the Floki token put a break on the upside movement. However, the token emerged as the top gainer lately. In a recent tweet, billionaire Tesla CEO, Elon Musk shared a meme featuring his pup named Floki as the new CEO of Twitter.

According to CoinGecko, the $FLOKI market cap reached $500 million and propelled the token into the top 100 largest cryptocurrencies.

As of writing, Floki’s market cap on CoinMarketCap has not been updated yet.

Further, Floki’s Decentralized Finance (DeFi)  protocol locker surpassed $17 million in Total Value Locked (TVL). 

In addition to that, Floki’s bullish momentum is aided by a slew of positive news. One of the factors is the listing of Floki in the Seychelles-based exchange KuCoin. This comes after OKX also listed the coin last December.

Next, last Friday the Floki team updated the burn of a whopping 5.1 trillion Floki after the community voted to incinerate the tokens

Floki seeks price correction on the daily chart

Source: Trading view

On the one-hour chart, the price retreated from the highs around $0.00006500. The price is expected to take support around $0.00005000. Floki started the year around $0.0000081, since then the price appreciated nearly 570%. 

The price picked up momentum as breached the 200-day EMA. However, bulls took a breather near $0.0000650 and retreated. Both momentum oscillators remain neutral to mildly bearish.

However, if the price defends support around $0.0000536, the continuation of the upside cannot be ruled out.

On the contrary, sustained selling pressure could drag the price toward $0.0000340.

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