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29 May 2024
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Floki Price Soars 13% as Futures Trading Debuts on Kraken

Kraken, a US-based exchange, has introduced Perpetual Futures Trading for Floki (FLOKI), propelling its price upwards.

This step has not only increased the trading possibilities but also given FLOKI the reputation of a mature asset in the digital currency world.

Kraken Welcomes FLOKI to Futures Trading

Kraken’s decision to introduce Perpetual Futures Trading for FLOKI is a turning point for the meme coin. Kraken is famous for its strict listing criteria, and its decision to include FLOKI into this complex trading environment is a sign of the rising recognition of its possibilities.

This innovation enables traders to make predictions on FLOKI’s price movements without the need to own the actual cryptocurrency, thus giving them the choice to either go long or short according to their market forecast.

Kraken has more than 10 million users, among them are many institutional investors, and thus, its platform helps to increase the liquidity and the visibility of FLOKI. The immediate effect was obvious as the price of FLOKI went up by almost 14%, which was the proof of the increased interest and optimism among the investors.

Market Performance and Acceptance

The initiation of FLOKI in Perpetual Futures Trading coincides with its growing popularity in other financial platforms. Lately, FLOKI has also been included in Revolut Business, which in fact, increases its reach and usefulness in Europe.

This listing makes it possible for businesses to do transactions with FLOKI easily and this may lead to the increase of the FLOKI as a transactional currency.

Moreover, FLOKI’s joining the Bitpanda Meme Coin Leaders Index and its availability on major exchanges like Binance Thailand emphasize its increasing presence in the world of crypto. These strategic listings are the main reason for the diversity of the ecosystem and the stable market of FLOKI, which aids in its price and volume growth.

FLOKI Price Reaction

As of press time, the FLOKI price was trading at $0.000212, an increase of 13.52% over the past 24 hours. In the meantime, the volume of trade in this period was $1,033,484,459, a 31% increase. Kraken’s launch of Perpetual Futures Trading is likely to make FLOKI’s market dynamics lively, thus giving both retail and institutional traders many chances to trade.

FLOKI’s price has been on the rise lately, with the recent breakout from an ascending triangle pattern on the trading charts indicating a bullish trend, as reported by Coingape.

The typical behavior of the price, which is usually followed by a continuous upward motion, suggests that the traders are confident that FLOKI will go up further

Read Also: Tech-Savvy Investors Bet On 3 Altcoins To Buy In May For 50X Profit

The post Floki Price Soars 13% as Futures Trading Debuts on Kraken appeared first on CoinGape.

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