With Coinbase listing Floki, one of the meme coins, Floki, rose to $0.00028, its highest level since June 8.

This price movement comes as the bull rally in the crypto market continues. Floki attracted attention, especially with a 172% increase from its lowest level in August.

This rally was supported by high volume trading in both the spot market and the futures market. Spot market volume reached a significant level of $1.68 billion, considering Floki’s market capitalization is over $2.5 billion.

Additionally, Floki’s open interest volume in the futures market increased to $40 million, its highest level since September 28. These high volumes indicate that the token is of interest to a wider audience of investors and future price increases are likely.

Coinbase’s listing enabled Floki’s transaction volume to increase further. Interest in cryptocurrencies listed on a major exchange like Coinbase is usually high because these exchanges have millions of users.

This often leads to significant increases in the prices of tokens. Therefore, Floki’s trading volume and price are expected to increase further.

Floki’s price increase was also supported by the decrease in token supply. Floki continues to reduce its circulating supply using a token burn mechanism. According to data received from Cryptoeye, token burning transactions in projects such as Valhalla, TokenFi and FlokiFi, which are among the platforms in Floki’s ecosystem, have accelerated.

As a result of these transactions, 5.8 billion tokens were burned, reducing the circulating supply to 4.12 billion tokens. The decrease in token supply affected the current supply-demand balance, causing prices to move upwards.

Floki’s rise parallels the price of Bitcoin approaching $100,000. The cryptocurrency market performs well during bull periods, especially for meme coins and altcoins.

During such periods, interest in the cryptocurrency market increases and investors turn to different coins to earn high profits. Meme coins can experience huge increases, especially with social media and community support. Therefore, Floki’s market movements are shaped by the influence of the crypto bull market in general.

Crypto analyst Javon Marks expects further rises for Floki’s price. Marks is forecasting a 92% upside from current levels, based on a bearish triangle pattern on the 3-day chart.

On the daily charts, it can be seen that Floki has made a strong rally since the low levels in August. With the intersection of the 50-day and 200-day Exponential Moving Averages, a “golden cross” formation was formed.

This shows that Floki has gained strong momentum and the price may increase further in the coming days.

Additionally, the MACD indicator has also moved above the zero line, indicating that Floki has received a strong buy signal. Floki price remains above the key support level at $0.00021 on June 22.

If Floki breaks the important resistance level at $0.00028, the next target will be $0.00035. This represents an increase of 32%.

Floki’s rise has the potential to experience further increases in line with both the crypto bull market and technical analysis. Floki’s future price movements will continue to be important factors of interest to investors.