- The memecoin season is on the cards.
FLOKI price action appeared promising.
As a seasoned crypto researcher with years of market observation under my belt, I must admit that the current memecoin season is indeed intriguing. The promising price action of FLOKI has caught my attention, particularly its consolidation within a triangle pattern.
The cryptocurrency market is well-known for providing significant returns on investments; Bitcoin usually sets the standard that other digital assets aim to match.
By the year 2024, just 42 digital assets ranked among the top 300 on CoinMarketCap had surpassed Bitcoin’s year-to-date profits, according to crypto expert Murad who now works on platform X (previously known as Twitter).
If the market improves and Bitcoin takes the lead in a bull run, these meme-based tokens, such as FLOKI, could potentially experience significant price increases.
Significantly, meme-based cryptocurrencies have been leading the pack in terms of performance, causing some to question if we’re witnessing the start of a memecoin trend.
FLOKI consolidates in a triangle
FLOKI, a standout in the memecoin space, has shown promising price action on the FLOKI/USDT pair.
The coin currently stands robustly above a crucial support point at 0.0001, and it’s narrowing its range in a symmetric triangle pattern.
As an analyst, I’ve noticed an unusual deviation from its usual price trend with FLOKI. Should this anomaly continue, we might witness a significant price surge. Therefore, it’s crucial to keep a close eye on FLOKI, as it could potentially emerge as one of the top memecoins experiencing growth.
For the past three months, the price has remained relatively stable, while numerous other coins have corrected following their achievement of new record highs.
A strong rally followed by a successful repeat of the high point might signal that FLOKI is poised for an upward trend. But if the price falls below the pattern and indicates a downward trend instead, investors might have to rethink their plans.
Presently, the cost offers an excellent opportunity for entry, particularly as there’s increasing enthusiasm about a potential meme coin boom.
Altcoin dominance and FLOKI’s potential
In simpler terms, the total value of most cryptocurrencies is currently resting on an important line that has historically supported price increases, indicating that we might see prices rise shortly.
Should this underlying support persist and the market experiences a recovery, there’s a good chance that FLOKI‘s price may increase since it falls within the category of leading altcoins.
As a crypto enthusiast, I firmly believe that the memecoin could experience significant growth, riding on the wave of the broader market surge. This positive trend is expected to boost assets with robust market caps, such as FLOKI, making it an attractive investment opportunity.
Holders profit at current price levels
An analysis of FLOKI holders shows that 71% of them are currently making money, while 27% are not.
It seems that it’s quite probable that numerous traders will maintain their investments, given that a significant portion (around 86%) of the supply is controlled by major players, often referred to as ‘whales’.
Transactions worth more than $100K total $20.44 million, highlighting strong whale activity.
Furthermore, there’s been a 1.15% increase in the number of individuals holding FLOKI on Telegram. Interestingly, about 63% of these holders have held onto their FLOKI for over a year, while roughly 33% have owned it for between one and twelve months. A smaller group, around 4%, have only been holding FLOKI for less than a month.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
FLOKI holders to receive CAT coins
Owners of FLOKI tokens on both Binance and OKX platforms have been informed that they will soon receive CAT tokens through an airdrop, as declared by the CAT team. The distribution for this airdrop has already been captured in a snapshot, with Binance planning to distribute the tokens by the end of this week.
In simpler terms, if a drop in price happens after an airdrop (distribution of free tokens), investors of FLOKI might swiftly purchase at lower prices, which could potentially increase FLOKI’s value even more.
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2024-09-11 13:12