Floki’s price has seen a consecutive two-day rise as the broader cryptocurrency market rebounds and traders look forward to the Wise Monkey airdrop. The leading meme coin in the crypto space, FLOKI, is currently trading at $0.000248, a 22% increase from this week’s low.
This recovery follows the developers’ disclosure of more details regarding the Wise Monkey airdrop. By December 20, FLOKI holders will receive around 27% of all MONKY tokens. TokenFi holders will get an additional 4% of MONKY tokens, and Floki Bot traders will also be rewarded with 4%. With MONKY’s market cap exceeding $263 million according to CoinMarketCap, this distribution is expected to be beneficial for Floki traders.
The price also got a boost ahead of the postponed Valhalla mainnet launch. Originally scheduled for December, it has been pushed back to the first quarter of 2025 to allow auditors to check the smart contract for vulnerabilities.
Floki’s token burn initiative is ongoing, with over 5.7 trillion tokens burned in the past three months as per CryptoEye, and this trend is likely to continue.The daily chart shows that Floki has been in a consolidation phase for weeks, forming a bullish flag pattern and also suggesting the formation of a cup-and-handle pattern. It has moved above the 50-day and 100-day Exponential Moving Averages and is trading between the 38.2% and 23.6% Fibonacci retracement levels. If the trend persists, the price could potentially reach the year-to-date high of $0.0003480, a 42% increase from the current level. A stop-loss is set at the 50-day EMA at $0.0002100, and a drop below this could lead to further declines.
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