Meme Coin Floki Inu (FLOKI) Is Making Headlines Again After a Sharp Price Rally

Crypto analyst Shiba Knight believes FLOKI may be on the verge of a major breakout. Despite rising competition from newer tokens like PEPE, FARTCOIN and BONK

Meme coin Floki Inu (FLOKI) is once again making headlines following a sharp price rally. Over the past 24 hours, FLOKI surged by more than 32%, outperforming other popular meme coins like Dogecoin and Shiba Inu.

At the time of writing, Floki Inu is trading at $0.0000792, with analysts predicting that the coin could soon test the $0.0001 level if bullish surge continues.

Crypto analyst Shiba Knight believes FLOKI may be on the verge of a major breakout. According to them, the meme coin is "at an interesting spot" and could soon see a powerful move upward.

Floki is at an interesting spot. Could be setting up for a major breakout.

Next move could be face-melting. ⁴⁰ ⁴⁰

Only major meme coin from last cycle to hit a new all-time high in current cycle.

Stay tuned. 🍿

Which other altcoins are you watching closely this week?

— Shiba Knight (@ShibaKnight) September 7, 2023

Notably, Floki Inu is the only one among the major meme coins from the last cycle - Dogecoin, Shiba Inu, and Floki - to actually hit a new all-time high (ATH) during the current market cycle.

Despite rising competition from newer tokens like PEPE, FARTCOIN and BONK, FLOKI has shown impressive strength across multiple cycles. "Floki's next move could be face-melting," Knight said.

Floki's price chart shows a strong bullish breakout pattern. The token has attempted to break its all-time high (ATH) multiple times in the past and still holds potential for another upward move.

Another analyst said that FLOKI's trading volume has broken out, and the price looks close to doing the same. If the breakout happens, FLOKI could see a strong rally—possibly gaining nearly 270% and reaching around $0.0027.

On-chain data seems to support the bullish outlook. Information from The Block reveals a 10% rise in large transaction volume and an 18% increase in active wallet addresses.

These metrics suggest growing interest and activity from investors. Additionally, data indicates over 52% of FLOKI holders are currently in profit, which is somewhat unusual for a meme coin and could point to stronger holding conviction.

What's Driving the Price Rally?

The Floki team recently announced a strategic partnership with Rize Robots, the company behind Rize AI, backed by major firms like NVIDIA, SoftBank, and Alibaba Enterprise Fund.

Together, they're working on an AI-powered robot called Floki MiniBot M1, aimed at integrating decentralized AI protocols into real-world applications.

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