Will Floki Price Overtake Shiba Inu? Price Prediction After 12% Rally
Over the last 24 hours, Floki has surged by a significant 12% amid broader market growth, where meme coins averaged a 0.75% increase.
Despite this overnight movement, Floki’s price has only marginally risen by 1.5% since last Friday. This modest increase contrasts with the losses observed in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which have seen retracements.
This performance underscores Floki’s resilience, particularly compared to its steep 40.81% decline over the past month. Nevertheless, it still boasts an impressive annual gain of 596.28%.
The trading volume for the meme coin has notably surged by 15.35% to $192.38M over the past 24 hours, indicating elevated trader activity.
FLOKI Price Approaches Key Support – Will it Overtake Shiba Inu?
Despite the correction from its surge earlier this morning, it appears that FLOKI is gearing up for further upside.
Most notably, the FLOKI price is currently approaching a key support level (orange) at $0.00016823. If it can successfully bounce from this support, it would signal the potential for further gains as it shows strength.
This comes as its relative strength index (RSI) (purple) sits at 40, after falling from 70 over the past 8 hours. This shift is indicative of a correction, as selling pressure increases.
At such RSI levels there is neither strong buying nor selling pressure. FLOKI is in a neutral state, airing slightly towards bearishness.
However, this resilience places it in a good position for further upside. In fact, wider trends may indicate this to be the case.
Most significantly, the 30-day moving average (yellow) has just broken above the 200-day moving average (blue) in an uptrend. This suggests that the short-term momentum is gaining strength relative to the long-term trend.
But is this enough to tackle Shiba Inu’s dominance? While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.
Most significantly, FLOKI is the most prominent example of the next generation of meme coins, leveraging more than just beloved memes and a devoted community – they have real utility.
This comes as the leading hype-based coins reach multi-billion dollar market caps – their biggest gains are behind them, and traders are hungry.
Low-Cap Meme Coin With Higher Gains Potential
Given the FLOKI has already amassed a substantial market cap of $1.62B, its gains potential is too in question.
Therefore, traders looking for larger and faster gains may find promising opportunities in newer low-cap meme coins ready for explosive growth.
Enter PlayDoge ($PLAY), the latest meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts.
Introducing #PlayDoge – the only #P2E Doge companion! 🐶
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY. 💰
Don't neglect your doge, his life's on the line 😲💀
Join the #Presale Now ⬇️https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. In contrast, PlayDoge stands out by focusing on gaming utility.
It transforms the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, tapping into 90s nostalgia. This unique approach may credit $PLAY’s recent success, raising over $5M in its presale so far.
PlayDoge will enable players to earn rewards by nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all contribute to the rewards earned by the conscientious pet owner.
Leveraging the global appeal of the beloved Doge meme and the industry valued at $20B according to CoinMarketCap data, the growth potential is substantial.
And with the fixed presale price increasing every few days, if you want to make the most of this opportunity you need to act now.
Keep in touch with project developments by joining the community on X and Telegram.
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.
