Floki Price Trading Sideways as FLOKI Added To Binance Pay With 12 Million Users
FLOKI integrates with Binance Pay but the price reacted negatively.
Key Takeaways
- Binance Pay integration boosts Floki’s global usability.
- Recent price fluctuations indicate a volatile market.
- Aggressive token burning aims to enhance value.
Floki has made headlines with its integration into Binance Pay, letting over 12 million active users transact with merchants globally. This move significantly enhances Floki‘s practicality. It could, potentially, also cement its status in the highly competitive memecoin arena.
However, this hasn’t affected its price yet. After March 11, when FLOKI reached an all-time high of $0.0003, it saw a 46% decrease to March 19. On the next day, the token price spiked above $0.0002 again and has been moving sideways ever since, with even some bearish moves on April 2.
Binance Pay Integration
The integration into Binance Pay marks a significant step forward, allowing for seamless purchases of goods and services with Floki across international borders, including both physical stores and the Binance app’s Marketplace.
In addition to expanding its usability, Floki focuses on refining its tokenomics with an ambitious token-burning strategy. In March alone, the project burned 214 billion tokens, valued at over $55 million. This outstripped its competitors burn rates.
The token burn is propelled by the Floki Staking Program, which encourages holding by imposing penalties for early unstaking, and the FlokiFi Locker, a DeFi protocol within Floki’s ecosystem, which eliminates tokens used on specific blockchain networks. These efforts tighten supply and potentially increase the coin’s value.
FLOKI Price Analysis
FLOKI began its ascent on February 5, following a higher dip at $0.000027, and soared to a peak of $0.0003 by March 11, marking a tenfold increase. Nevertheless, it encountered resistance and experienced to $0.0002 by March 18 which was the first sign of weakness, and an ending uptrend.
Wave analysis indicates that this recent upward trajectory from February to March 11 represents the third of a five-wave pattern. The daily chart’s Relative Strength Index (RSI), which previously indicated overbought conditions, has started to retreat in line with the price reduction.
This trend points towards a potential retracement that might set the stage for a rebound. Currently, we are observing the development of the fourth wave. Expected lateral trading may stabilize the price, laying the groundwork for an eventual rise to a new record high surpassing $0.0005.
However, with the price getting rejected at $0.00025 today and causing a downturn, further decline is expected in the near term. We could see FLOKI falling to $0.00012 before completing this corrective phase.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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