Amidst the current hype surrounding PEPE, the fourth-largest memecoin, Floki Token, has also gained significant attention. This week, the value of Floki Token surged after news of its listing on multiple major cryptocurrency exchanges.
Now, Floki Token is live on Bitfinex, and the largest crypto exchange, Binance. The hype of Floki listing on Binance pumped the market cap as itreached $524 million last night. The institutional investors added Floki on portfolios but despite the listing, Floki token fails meet the expectation of buyers.
Following the announcement of Floki’s listing by Binance, traders started accumulating the coin to exchange for profits later. Binance also allowed its users to deposit Floki coin so that they could trade later, when the listing is done and trading is open. Though by doing so, Binance encountered a technical issue and temporarily blocked deposits for Floki and PEPE due to the heavy flow of investors on the exchange. However, Binance has resolved the issue and resumed the deposits.
How did Floki fare today?
Another headliner, Memecoin Floki, is trading at $0.0000431 at the time of this writing, according to Coinmarketcap data. The token faced selling pressure in the intraday trading session as short-term investors started booking their profits.
Amidst a wave of bullish momentum, Floki Token recorded a 63% gain in just one hour on Friday, reaching a 45-day high of $0.000057943. Floki token listing on Binance was the biggest reason behind the token’s massive gain.
According to Coinmarketcap, the trading volume increased by 2200% to $452 million. This aggressive buying pressure may make the buyers tired for the next few days. Further, this profit booking could take a stop at the 20-day simple moving average.
