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Analysts Foresee FLOKI Expansion Despite Market Drop

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FLOKI and the dog-themed cryptocurrencies have been the talk of the town recently. BONK and dogwifhat (WIF) reached new all-time highs (ATH) this month, while the Viking dog-based token climbed to levels not seen since the previous bull run.

During this rally, memecoins have soared alongside the rest of the cryptocurrencies. However, in the past 24 hours, the market went from flying to crashing as the prices of most cryptocurrencies followed the recent Bitcoin dip.

Is FLOKI Ready To Continue Its Expansion?

Last week, FLOKI, the fifth largest memecoin by market cap, soared by over 60% after announcing its listing in two major crypto exchanges in Asia and the Middle East. The news propelled the token’s price to $0.0002043.

Crypto Analyst Byzantine General shared on X (formerly Twitter) his view on the token’s recent performance. According to the post, FLOKI was one of the few tokens that “held up nicely.” Based on that, Byzantine General observed that the price was consolidating before another expansion.

FLOKI has shown a rising trajectory this month, increasing 337% since March 1st. The chart in the post highlights the past four days, displaying that the Solana-based memecoin has consolidated between the $0.00026-$0.0003 price range.

A broader look at the token’s price exhibits that it hovered between $0.000028-$0.000039 in the first two months of 2024 before breaking above the $0.000040 resistance level at the end of February. In the past 30 days, FLOKI has registered a stellar $649.4% growth.

Similarly, the renowned trader and market analyst MacroCRG shared on X that “$FLOKI holding up like a mf chad” amid the market dip. According to the trader, the token will continue as one of the leaders “as long as the memecoin supercycle bid remains.”

The analyst highlighted the project’s newly revamped roadmap as part of its “strengths.” Additionally, he pointed out that the web3 project has product launches lined up for the rest of the year.

FLOKI’s Price Action

The launch in the mainnet of the Valhalla Game, powered by FLOKI, is highly expected by the “Floki Vikings.” Undoubtedly, the community has shown massive support and confidence in the web3 project, as many expect it to skyrocket soon to a new ATH.

The token’s price has closely followed the jumps and dips of BTC during the past seven days, as seen in the chart below. It registered a drop of 13.5% in the last 24 hours.

BTC, FLOKI

BTC and FLOKI’s performance in the 7-day chart. Source: CoinGecko.com

Coupled with the price drop, the daily trading volume decreased 21.3% to $837.2 million. Moreover, WIF recently flipped it, which took fourth place as the largest memecoin by market cap. By this metric, FLOKI’s $2.47 billion takes 52nd place in the global crypto market ranking after a 6.6% decrease in the last day.

At writing time, FLOKI is trading at $0.000248. Despite the price decrease, the token still shows a remarkable 28.3% growth in the 7-day timeframe.

FLOKI, FLOKIUSDT, memecoin 

FLOKI is trading at $0.000248 in the 1-day chart. Source: FLOKIUSDT on TradingView.com

Featured image from Unsplash.com, Chart from Tradingview.com

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