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 tokenโs price to $0.0002043.
Crypto Analyst Byzantine General shared on X (formerly Twitter) his view on the tokenโs recent performance. According to the post, FLOKI was one of the few tokens that โheld up nicely.โ Based on that, Byzantine General observed that the price was consolidating before another expansion.
One of the coins that held up nicely today is $FLOKI. Looks like it’s just consolidating before another expansion. And lately it’s basically been a higher beta $DOGE. pic.twitter.com/9MsrfInjvA
โ Byzantine General (@ByzGeneral) March 14, 2024
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 tokenโs 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 $649.4% growth.
Similarly, the renowned trader and market analyst MacroCRG shared on X that โ$FLOKI holding up like a mf chadโ amid the market dip. According to the trader, the token will continue as one of the leaders โas long as the memecoin supercycle bid remains.โ
Market shits itself?
It’s oke, $FLOKI holding up like a mf chad
New revamped roadmap coming soon + many product launches lined up for the rest of the yearโฆ
As long as the memecoin supercycle bid remainsโฆ IMO @RealFlokiInu gonna continue being one of the leaders pic.twitter.com/2gsIE04Dkv
โ CRG (@MacroCRG) March 15, 2024
The analyst highlighted the projectโs newly revamped roadmap as part of its โstrengths.โ Additionally, he pointed out that the web3 project has product launches lined up for the rest of the year.
FLOKIโs Price Action
The launch in the mainnet of the Valhalla Game, powered by FLOKI, is highly expected by the โFloki Vikings.โ 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 tokenโs 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 and FLOKIโs 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, FLOKIโs $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 is trading at $0.000248 in the 1-day chart. Source: FLOKIUSDT on TradingView.com
Featured image from Unsplash.com, Chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
