Floki Inu coin price drops 13% after Elon Musk-led weekend soar

Floki Inu coin price dropped 13%
image from medium.com

Key Takeaways:

  • Floki Inu coin named after Elon Musk’s pet puppy Floki, gained 40% after the billionaire entrepreneur’s new ‘title’ reveal.
  • FLOKI bulls didn’t have much time to celebrate, as the token declined 13% after the weekend uptrend.
  • The meme coin’s advertising campaign continues with new collaborations.

YEREVAN (CoinChapter.com) – On Dec 13, Floki Inu’s official Twitter page announced the token’s trending streak. FLOKI mooched off of a seemingly unrelated event as a proud meme coin. In detail, Times Magazine named Elon Musk Person of the Year, and the Floki army lost no time to comment under the related tweets actively.

Also read: Floki Inu rallies 60% as anticipation builds around its Burj Khalifa showoff.

As a result of all the commotion, The hashtag #FLOKI trended over the weekend and resulted in a 40% uptrend, briefly reaching a week’s high of $0.00019. However, the nonsense rally did not last long, and the meme coin value declined 13% in the Monday session.

FLOKI Inu Coin Price Chart

As mentioned, FLOKI/USDT exchange rate declined throughout the Monday session and retested a formation dubbed ‘Descending Channel.’ The Channel consists of two parallel trendlines enclosing the price action and driving it down while the formation progresses.

Should the setup prove instrumental in the upcoming sessions, FLOKI Inu’s price could face a 30% decline and retest the Channel’s support.

Floki Inu (FLOKI) price daily chart, featuring a Descending Channel.
Floki Inu (FLOKI) daily chart featuring a Descending Channel. Source: FLOKIUSDT on TradingView.com
Also read: Floki Inu partners with India's most-followed Football club; aims to go mainstream.

Despite the bearish technicals, the meme coin’s ‘army’ has grand plans for the upcoming quarter, as they announced recently.

Floki Inu’s extensive advertising campaign

Floki Inu continues its grand advertising campaign. As CoinChapter covered in the previous report, the meme coin already spent millions on advertising in Q4, aiming to expand the FLOKI’s exposure worldwide. For example, during UAE National Day celebrations on Dec 3, Floki Inu appeared on the iconic Burj Khalifa skyscraper.

Moreover, the canine coin made multiple deals with football clubs worldwide. After striking a partnership with the Bundesliga and India’s Kerala Blasters, Floki moved onto Russia. The Viking-helmeted coin announced its support for Moscow’s Spartak, an iconic football club with a multi-million fan base.

Also read: Floki Inu launches expensive ad campaign in London as price soars 70%

The monetary side of the deal was not made public, but some followers got frustrated with the abundance of partnerships and lack of “something useful.”

In its pursuit of exposure increase, Floki Inu urged its holders to vote and get ByBit crypto exchange to list the meme coin. The exchange already listed its rival Shiba Inu and launched a pole to choose between FLOKI, KISHU, BEBYDOGE, and KUMA.

Also read: Elon Musk tweets both Dogecoin and Floki Inu into a spike; which one will last?

The famous ‘Dogecoin Millionaire’ Glauber Contessoto is also a Floki Viking. The man, who became a multimillionaire thanks to his timely Dogecoin investment, confessed to owning $125,000-worth of FLOKI. The millionaire called the meme coin his second-largest portfolio exposure after Dogecoin.

He also added that he plans to “continue buying Floki,” and his “new goal is to have 1 billion Floki tokens.” If Mr. Contessoto goes through with his plans, he would have to invest another $100,000 into the Viking coin. As of publication, FLOKI/USD exchange rate stood at $0.00015 ahead of Monday’s New York session.

floki inu, Floki Inu coin price drops 13% after Elon Musk-led weekend soar

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