- The memecoin season is on the cards.
- FLOKI price action appeared promising.
The crypto market has always been known for high-yield returns, with Bitcoin often serving as a benchmark for other assets.
In 2024, only 42 tokens from the top 300 on CoinMarketCap have outperformed Bitcoin in year-to-date earnings as per Murad, a crypto analyst on X, formerly Twitter.
These tokens, including popular memecoins like FLOKI, are poised for price surges if market conditions improve and Bitcoin leads the market rally.
Source: Murad/X
Notably, memecoins have been dominating the top performers list, sparking speculation about whether we are entering a memecoin cycle.
FLOKI consolidates in a triangle
FLOKI, a standout in the memecoin space, has shown promising price action on the FLOKI/USDT pair.
The coin is holding strong above a key support level at 0.0001 and is tightly consolidating within a symmetrical triangle.
If it breaks out of this pattern, it could see a sharp price increase. This places FLOKI among the top memecoins to watch closely for potential growth.
Source: TradingView
Since March, price has been consolidating, even as many other coins entered a correction phase after hitting new all-time highs.
A breakout and successful retest could confirm that FLOKI is set to move higher. However, if the price breaks below the pattern and confirms a downtrend, investors may need to reassess their strategies.
The current price presents a solid entry point, especially with growing optimism around a possible memecoin season.
Altcoin dominance and FLOKI’s potential
The broader crypto market cap is sitting on a critical trendline support, suggesting that prices may soon head higher.
If this support holds and the market bounces back, it could positively affect FLOKI’s price, as it ranks among the top altcoins.
The memecoin could see substantial gains as part of the broader market movement, which is likely to benefit assets with strong market caps like FLOKI.
Source: TradingView
Holders profit at current price levels
An analysis of FLOKI holders shows that 71% of them are currently making money, while 27% are not.
This suggests that many traders are likely to hold their positions, especially since large holders, or whales, control 86% of the supply.
Transactions worth more than $100K total $20.44 million, highlighting strong whale activity.
Source: IntoTheBlock
Additionally, the number of FLOKI holders on Telegram has grown by 1.15%, with 63% holding for more than a year, 33% for one to twelve months, and 4% for less than a month.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
FLOKI holders to receive CAT coins
FLOKI holders on Binance and OKX are set to receive CAT tokens through an airdrop, as announced by the CAT team. The snapshot for this airdrop has already been taken, and Binance is expected to distribute the tokens this week.
If a sell-off follows the airdrop, FLOKI investors may quickly buy up the dip, further driving FLOKI’s price higher.
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