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Here’s Why Floki’s TokenFi Token Price is Soaring

Crispus Nyaga
Crispus Nyaga
Crispus Nyaga
Author:
Crispus Nyaga
Writer
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.
June 6th, 2024
Editor:
Joseph Alalade
Joseph Alalade
Editor:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.
Fact Checker:
Joseph Alalade
Joseph Alalade
Fact Checker:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.

TokenFi price has staged a strong comeback in the past few weeks, making it one of the best-performing cryptocurrencies this year. The $TOKEN price was trading at $0.1840 on Wednesday, its highest swing since March 31st. It has soared by over 660% from its lowest point in 2023.

Why is the $TOKEN price soaring?

TokenFi is a project that was recently launched by Floki, one of the fastest-growing meme coins in the industry. Its goal is to become the biggest player in the Real World Assets (RWA) tokenization industry which is expected to be worth trillions of dollars in the next few years.

Using TokenFi, users can create tokens or tokenize real-world assets in a single platform within a few minutes. It is compatible with some of the most popular blockchains like BNB Chain, Base, Arbitrum, and Ethereum. Creators can also use the Launchpad MVP to raise funds for their new or existing tokens at a quicker pace than other networks.

Therefore, TokenFi is soaring because of the rising demand for tokenization in the financial services industry. Recently, many big companies like JPMorgan, Blackrock, and the London Stock Exchange (LSE) have launched tokenized assets. Blackrock launched BUIDL, an asset that has accumulated millions in assets.

TokenFi price has also jumped because of the ongoing Floki surge as I wrote on Wednesday. Floki has slowly become one of the biggest meme coins in the world with a market cap of over $3 billion. Its token has also soared to a record high. In most cases, TokenFi does well when there is a strong demand for the Floki token.

$TOKEN price has jumped because of the rising volume in centralized and decentralized exchanges. Data by CoinGecko shows that the token’s volume soared to over $82.9 million in the past 24 hours. That was a big increase from the $19.6 million processed on Wednesday and the $25.8 million on Tuesday. This is a sign that the token is seeing strong demand from investors.

TokenFi tokens have also jumped because of the rising demand for cryptocurrencies, with Bitcoin slowly nearing its all-time high.

TokenFi price forecast

The daily chart reveals that the $TOKEN price has rebounded in the past few weeks. It has jumped from a low of $0.07738 in April to $01840, its highest swing since April 1st. The token has also jumped above the key resistance at $0.1445, its highest level on April 23rd.

TokenFi has jumped above the 50-day and 100-day Exponential Moving Averages (EMA) while the MACD and the Relative Vigor Index (RVI) have pointed upwards. Therefore, the token’s outlook is bullish, with the next point to watch being the second Woodie pivot point resistance at $0.2115, about 25% above the current level.

Contributors

Crispus Nyaga
Writer
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.