Last updated:
May 8, 2024 07:04 EDT
| 3 min read
The Floki price has fallen by 7% in the past 24 hours, dropping to $$0.000169 as the cryptocurrency market suffers a 2% decline today.
Floki Inu holds onto a 15% increase in the past week, although the meme token has lost 19% in the last 30 days, during a difficult period for the market as a whole.
However, the past couple of days have seen several ‘smart money’ traders have been pouring millions into Floki and its popular rival PEPE, with Nansen data showing that one trader alone has bought over $1 million in FLOKI in the past week.
And with the popular meme token still sitting on 350% gain in a year, it has enough medium- and long-term momentum to perform a big rebound soon.
Floki Price Prediction as Smart Money Pours $50 Million into Meme Coins – Is FLOKI the Next Big Crypto Winner?
FLOKI’s indicators have all declined in the past few days, yet their descent is nearing a bottom, implying that the coin should pick up in the near term.
For instance, FLOKI’s relative strength index (purple) has just touched 30 in the past hour, with the coin entering a strongly oversold position and selling at a big discount.
Source: TradingView
At the same time, the alt’s 30-day average (orange) has recently fallen below the 200-day (blue), a move that usually signals a big selloff, and then sooner or later a recovery.
What will be interesting to see is whether FLOKI’s support level (green) can stave off a decisive fall below $0.0001690.
If it can’t, the token may suffer a little more before it corrects itself, with its low volume – currently at $100 million – making it vulnerable to big swings.
However, signs suggest that interest remains in FLOKI, with the past week witnessing some big buys from whales and other large traders.
Smart money #crypto whales have been slurping the dip on these top #memecoins / gaming tokens
Biggest wallet inflows over 24hrs
✅ @nansen_ai
$bitcoin #harrypotterobamasonic10inu $prime $floki $pepe $mog pic.twitter.com/q82XbH9jm6
— DeFiKid (@DeFiKid) May 1, 2024
Recent data from Nansen also suggests that the past week has been a good period for meme tokens in general, with several tokens – including PEPE – witnessing significant inflows from whales and smart money.
As such, we may see a real uptick in the Floki price in the not-too-distant future, with coins across the board remaining in oversold positions that need to be corrected soon.
The meme token could return to $0.00020 by the end of the summer before closing the year at around $0.00030.
New Meme Tokens With Big Potential
FLOKI does look promising at the moment, but it is only interesting in the market, with a wide variety of new meme coins also looking ready to surge in the near future.
One of these tokens is Dogeverse (DOGEVERSE), a multi-chain crypto that has raised in excess of $13 million in its soon-to-be-finishing presale.
Discover Speed & Savings with $DOGEVERSE #MultiChain! ⏱️💸#DOGEVERSE is designed to optimize both costs & transaction speeds across various blockchains 💯
By leveraging advanced tech and strategic chain selection, we minimize fees and maximize speeds 🏆#AltSeason #BabyDoge pic.twitter.com/jfCvtA9AVW
— DogeVerse (@The_DogeVerse) May 2, 2024
The reason why DOGEVERSE has got so many investors excited is that it will be the first-ever Doge-themed multi-chain cryptocurrency.
Accordingly, it will not only launch Ethereum, but will also bridge to Polygon, BNB Chain, Solana, Avalanche and Base.
This will expose it to much greater investment and use than it would have experienced as a single-chain token, with the coin potentially gaining traction on multiple dApps and trading platforms.
Such demand is likely to boost its price considerably over time, as will the fact that it has a hard cap of 120 million tokens.
On top of this, holders will also be able to stake the coin, with the incentive of passive gains likely to result in plenty of DOGEVERSE exiting circulation.
Such a recipe helps to explain why the alt’s presale has done so well, with investors still able to join the sale by visiting the official Dogeverse website.
1 DOGEVERSE currently costs $0.00031, which is the final price before the sale ends, and before the token potentially moons on trading platforms.
Buy DOGEVERSE Today
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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