- With meme coins joining the cryptocurrency party, analysts have chosen Floki Inu over Pepe and Bonk.
- A surge in Bitcoin and Ethereum could help FLOKI price rise.
- As the price approaches, the technical picture is also bullish for the meme coin.
Pepe (PEPE) and Bonk (BONK) are up 33% and 24% respectively as the memecoin world bids to join the cryptocurrency party after Ethereum ETF news sparked a buying frenzy.
However, while PEPE and BONK are currently outperforming among the top meme coins by market capitalization, one analyst shared some reasons to be bullish on Floki Inu (FLOKI).
“Both $PEPE and $BONK are up more than 34% today, showing that the memecoin economics are very strong,” cryptocurrency analyst Shelby said via X.
While two meme coins are leading the uptrend across the sector, analysts point to Floki Inu (FLOKI) as a coin to watch.
According to Shelby, the massive surge in Pepe and Bonk over the past 24 hours is a harbinger of what the market may see with Floki.
“I think now is a good time to start paying attention to Floki,” said Shelby, noting that Floki is one of the best meme coins.
Floki’s ecosystem growth, including major product updates, is also a factor to consider when analyzing future pricing potential.
Floki Inu’s growth and roadmap to 2024
Floki has seen steady growth since unveiling the project’s 2024 roadmap earlier this year.
As part of the goal is to move Floki beyond memecoin status, key developments to watch include staking, the Floki debit card, digital banking, and its flagship utility product, Valhalla.
The price of Floki on the market recently surged more than 13% due to a new DAO proposal seeking community approval to burn 15,246,000,000 FLOKI.
According to Tuesday’s announcement, the burn is scheduled to occur on May 22, 2024, subject to 99.84% voting approval.
Floki Inu price today
Today’s 11% rise comes as Floki mirrors the prices of top coins BTC and ETH with positive sentiment amid the SEC’s possible approval of a spot Ether ETF.
A sharp rise in the cryptocurrency due to approval could lead to a rise in FLOKI. Like recent cases, token burning also adds to the positive outlook.
However, the technical picture supports the continued uptrend of FLOKI, with momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) recording bullish results.
The price of Floki Inu is currently at $0.00022, the highest level since April.