Analysts predict FLOKA's expansion despite the market decline

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

During this rally, memecoins soared along with the rest of the cryptocurrencies. However, over the last 24 hours, the market went from rapid to crashing as prices of most cryptocurrencies followed Bitcoin’s recent decline.

Is FLOKI ready for further expansion?

Last week, FLOKI, the fifth-largest memecoin by market capitalization, surged over 60% after announcing its listing on two major cryptocurrency exchanges in Asia and the Middle East. This news increased the token price to $0.0002043.

Crypto analyst Byzantine General shared his opinion on the token’s recent performance on X (formerly Twitter). According to the post, FLOKI was one of the few tokens that “held nicely.” On this basis, the Byzantine general noticed that the price was consolidating before the next expansion.

FLOKI has shown an upward trend this month, increasing by 337% since March 1. The chart in the post highlights the last four days and shows that Solana-based memecoin has strengthened in the price range of $0.00026 to $0.0003.

A broader look at the token’s price shows that it fluctuated between $0.000028 and $0.000039 for the first two months of 2024 before breaking above the $0.000040 resistance level in late February. Over the last 30 days, FLOKI has seen an incredible USD 649.4% increase.

Similarly, renowned trader and market analyst MacroCRG shared on X that “$FLOKI is performing like crazy” during market declines. According to the trader, the token will remain one of the leaders “as long as the memecoin supercycle offer lasts.”

The analyst highlighted the project’s recently renewed roadmap as part of its “strengths.” Moreover, he pointed out that as part of the web3 project, product premieres are scheduled for the rest of the year.

FLOKA price action

The mainnet launch of Valhalla Game, powered by FLOKI, is highly anticipated by “Floki Vikings.” There is no doubt that the community has shown tremendous support and confidence in the web3 project as many expect it to reach new ATH levels soon.

The token’s price has closely followed BTC’s spikes and drops over the past seven days, as seen in the chart below. It has dropped 13.5% in the last 24 hours.

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

Combined with the price decline, daily trading volume dropped 21.3% to $837.2 million. Moreover, WIF recently changed this, which took the fourth place as the largest memecoin by market capitalization. According to this indicator, FLOKI with $2.47 billion takes 52nd place in the global cryptocurrency market ranking after falling by 6.6% in the last day.

At the time of writing, FLOKI is trading at $0.000248. Despite the price drop, the token still shows a remarkable growth of 28.3% over a 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

Disclaimer: This article is for educational purposes only. It does not reflect NewsBTC’s opinion on buying, selling or holding any investments, and investing obviously involves risk. It is recommended that you conduct your own research before making any investment decisions. Use the information contained on this website solely at your own risk.

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