Floki Inu price pops and then drops after Twitter’s logo change

Floki Inu (FLOKI/USD) price popped on Monday as meme tokens cheered the latest developments in Twitter, the popular social media company. The token jumped to a high of $0.000040, the highest level since March 18 of this year. At its peak on Monday, it was ~20% above its intraday low. 

Meme coins cheer Twitter changes

The biggest cryptocurrency news so far this week was the decision by Elon Musk to change the Twitter logo into a Shiba Inu dog. The dog has a close resemblance to Dogecoin’s logo. 

Elon Musk, the owner of Twitter, has been one of the biggest Dogecoin’s fanboys in the world. He embraced and invested in the coin in 2021, which helped give it popularity. Today, Dogecoin has a market cap of over $13 billion, making it bigger than some of the biggest companies in the world like American Airlines, Etsy, and Paramount Global. 

Floki Inu was launched during the meme coin frenzy period. Since then, the developers have attempted to build an ecosystem around the token. This ecosystem includes Valhalla, a play-to-earn NFT metaverse, FlokiFi, a DeFi platform, and Floki Places. Floki Places is a merchandise and NFT marketplace. 

In most periods, Floki Inu tends to follow Dogecoin’s lead, which explains why it popped during the American session, as we wrote here. These gains could be limited because changing the Twitter logo is not a major event. 

Floki Inu price forecast 

The four-hour chart shows that the Floki Inu price has made a strong recovery in the past few days. It jumped to a high of $0.00004090, the highest point in more than a week. The token managed to move slightly above the 50-period moving average. 

At the same time, the Relative Strength Index (RSI) moved above the neutral point at 50 while the MACD drifted upwards above the neutral point. Therefore, the outlook for $FLOKI is neutral with a bearish bias. If this happens, the token will likely continue falling as bears target the next key support level at $0.000031, the lowest point on March 28.

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