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With the launch of TokenFi, the price of Floki Inu becomes extremely overbought


  • Floki Inu has been one of the best-performing cryptocurrencies this week.
  • The developers will launch TokenFi, a new tokenization token on Friday.
  • Tokenization brings real-world assets to the blockchain.

Floki Inu price is on track for its second weekly gain as investors cheer the move into tokenization. The token soared by more than 24% in the past 24 hours and reached the highest level since May 2023. It has jumped by more than 157% from the lowest level this year.

TokenFi launch ahead

Floki inu is a meme coin that was launched at the height of the meme coin mania in 2021. Unlike other coins like Baby Doge and Dogelon Mars that lacked a utility, Floki Inu has always focused on building utility for its ecosystem.

The developers created Valhalla, a play to earn NFT metaverse powered by Floki Inu. In addition, they launched FlokiFi, a decentralized finance (DeFi) platform that enables people to trade digital currencies.

Floki Inu also launched its NFT collection, Floki Places, and Floki Prepaid cards. Now, the developers are moving to the tokenization industry, which I wrote about here. Real World Assets (RWA) tokenization enables people to convert physical assets like real estate into assets that can be traded.

In a statement, the developers launched TokenFi, a new platform with its own token known as $TOKEN. The token will have a total supply of 10 billion coins across the BNB Cbain and Ethereum.

As part of this launch, FLOKI stakers will earn about 56% of the total supply in the next four years. Still, Floki Inu has not shared more details about how TokenFi will work and how it will play a role in tokenization. Instead, the developers will launch the roadmap for the project later on Friday.

As part of the rollout, Floki Inu has partnered with World Table Tennis and DWF Labs as key partners in the ecosystem.

Floki Inu price forecast

The daily chart shows that the FLOKI crypto price has staged strong comeback in the past few weeks. As the token rose, it formed a golden cross pattern as the 200-day and 50-day Arnaud Legoux Moving Averages (ALMA) crossed each other. A golden cross is often seen as one of the most accurate bullish signs in the market.

However, oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level. Therefore, I believe that the FLOKI price will retreat in the coming days as investors sell the TokenFi launch. This is known as buying the rumour and selling the news. If it happens, the next key level to watch will be at $0.000030.

Contributors

VIDEO: Floki Inu FLOKI Coin Crypto Price Prediction and Technical Analysis October 2023
VisionPulseAnalysis

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.

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