Floki has shown support for the launch of AnimoCA’s new coin MONKY. According to the official announcement, Ape Accelerator & Forj, a division of Animoca Brands, is launching a new memecoin named Wise Monkey.
Wise Monkey ($MONKY) will be based on the well-known “Three Wise Monkeys” adage: See No Evil, Hear No Evil, Speak No Evil, and will be launched with Floki’s backing.
However, despite the news, FLOKI’s price didn’t pick pace, trading down nearly 7%.
Floki Aligns Its Goals With New Memecoin Support
The launch for the coin is expected to take place on November 21, 2024, to “redefine meme culture” in the cryptocurrency space.
The goal of Floki, which is to promote financial and cultural empowerment, is well aligned with this project.
According to the ecosystem, $MONKY, which was introduced by Forj, a division of Animoca Brands, gains from extensive intellectual property knowledge and alliances with leading cryptocurrency companies like ApeCoin and Bored Ape Yacht Club.
Additionally, airdrops will be used to distribute 45.5% of the whole $MONKY supply in partnership with Floki, Ape Accelerator, and other communities.
$MONKY’s Launch Comes Amid Memecoin Craze
MONKY’s launch comes at a time when memecoin craze has taken over the entire crypto market.
The expansion of the global money supply has made risky ventures more appealing to the majority of investors. Even if the majority of this money is invested in more traditional assets like real estate and the S&P 500, some of it also goes into well-known cryptocurrencies like Bitcoin and Ethereum.
On the opposite end of the spectrum, memecoins are high-risk, high-reward investments for surplus capital. Simultaneously, many individual investors are searching for new avenues for profit, which is indicative of changing perspectives in conventional finance. Compared to the traditional financial system, blockchain is a cutting-edge financial technology that provides greater accessibility and transparency. By working to reduce insider advantages and increase fair access for investors worldwide, memecoins want to respect these principles.
Will FLOKI See Better Trading Days?
FLOKI’s trading right now has been subdued due to a lack of positive cues in the market. Floki Inu had 15.95% price volatility over the previous 30 days and 16/30 (53%) green days.
Despite this, the rise in Bitcoin prices has kept the overall crypto market in an optimistic position. Due to this, the Fear & Greed Index is currently at 88 (Extreme Greed), and the sentiment is bullish.
Data indicates that the overall mood for Floki Inu price prediction is positive, with 26 technical analysis indicators indicating bullish signs and 5 indicating bearish indications.