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Floki (CRYPTO: FLOKI) is up 36% over the past week, with fundamental developments generating buzz in the community.
What Happened: Binance announced that it will support the airdrop of a new meme coin called Simon's Cat (CRYPTO: CAT) to Floki holders on its platform. The users will have to hold at least 400,000 FLOKI tokens on Binance to qualify for the CAT airdrop.
Floki announced that its trading bot has crossed $11.6 million in trading volume and an all-time high of more than 10,600 users. An average daily volume of $2.5 million is traded with the bot.
This comes as Floki announced the “Floki Trading Bot x Simon's Cat” trading competition where users get to earn from a pool of 1.5% of the total CAT supply (worth more than $3 million) by trading CAT through the Floki Trading Bot.
The Floki community has approved a $200,000 investment into CAT and is due to announce another important update on Aug. 27. The video hints at a sports headgear like a cricket helmet.
Why It Matters: Crypto trader World Of Charts predicts that Floki is on the verge of a massive breakout, expecting a 200% surge.
Chart expert Long Term sees Floki attempting its next breakout, and he has grabbed a bag with a "tight stop-loss."
A Floki core advisor noted a "rapidly increasing" adoption of the trading bot. Notably, "50% of the bot trading fee automatically buys and burns FLOKI… into perpetuity."
According to the Floki Trading Bot Dune dashboard, the bot has generated an average of $10,446.49 in daily FLOKI buy and burn based on the current fee.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
Posted In: $FLOKI
