FLOKI and dog-themed cryptocurrencies have been the talk of the town recently. BONK and dogwifhat (WIF) hit new all-time highs (ATH) this month, while the Viking dog-based token rose to levels not seen since the previous bull run.
During this rally, memecoins have skyrocketed along with the rest of the cryptocurrencies. However, in the last 24 hours, the market went from soaring to crashing as the prices of most cryptocurrencies followed Bitcoin's recent drop.
Is FLOKI ready to continue its expansion?
Last week, FLOKI, the fifth-largest memecoin by market capitalization, soared more than 60% after announcing its list on two major crypto exchanges in Asia and the Middle East. The news boosted the price of the token to $0.0002043.
Crypto analyst Byzantine General shared on X (formerly Twitter) his opinion on the token's recent performance. According to the post, FLOKI was one of the few tokens that โheld up well.โ Based on that, the Byzantine general noted that the price was consolidating before another expansion.
One of the currencies that held up well today is $FLOKI. It looks like it's just coming into its own before another expansion. And lately it's been basically a higher beta. $DOGE. pic.twitter.com/9MsrfInjvA
- Byzantine General (@ByzGeneral) March 14, 2024
FLOKI has been on an upward trajectory this month, rising 337% since March 1. The chart in the post highlights the last four days and shows that the Based on Solana memecoin has consolidated between the price range of $0.00026-$0.0003.
A broader look at the token's price shows that it ranged between $0.000028 and $0.000039 in the first two months of 2024 before breaking above the $0.000040 resistance level in late February. In the last 30 days, FLOKI has recorded a stellar growth of 649.4%.
Similarly, renowned trader and market analyst MacroCRG shared on According to the trader, the token will continue as one of the leaders โas long as the memecoin supercycle supply is maintained.โ
Does the market shit itself?
Alright, $FLOKI holding like a mf chad
New revamped roadmap coming soon + many product launches scheduled for the rest of the year...
As long as the memecoin supercycle supply remains... In my opinion @RealFlokiInu I will continue to be one of the leaders. pic.twitter.com/2gsIE04Dkv
โ CRG (@MacroCRG) March 15, 2024
The analyst highlighted the project's recently renewed roadmap as part of its โstrengths.โ Additionally, he noted that the web3 project has product launches scheduled for the remainder of the year.
FLOKI Price Action
โFloki Vikingsโ are very much looking forward to the mainnet launch of the game Valhalla, powered by FLOKI. Without a doubt, the community has shown enormous support and confidence in the web3 project, since many wait will skyrocket to a new ATH soon.
The price of the token has closely followed the rises and falls of BTC over 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
Along with the price drop, the daily trading volume decreased by 21.3% to $837.2 million. Additionally, WIF recently turned it around and ranked fourth as the largest memecoin by market capitalization. According to this metric, FLOKI's $2.47 billion ranks 52nd in the global crypto market ranking after a 6.6% decline in the last day.
At the time of writing, FLOKI is trading at $0.000248. Despite the price drop, the token still shows a notable growth of 28.3% in the 7-day period.
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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