Analysts Foresee FLOKI Expansion Despite Market Drop

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 “held up well.” Based on that, the Byzantine general noted that the price was consolidating before another expansion.

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 “as long as the memecoin supercycle supply is maintained.”

The analyst highlighted the project's recently renewed roadmap as part of its “strengths.” Additionally, he noted that the web3 project has product launches scheduled for the remainder of the year.

FLOKI Price Action

“Floki Vikings” 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 FLOKI’s 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, 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

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.


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