Shiba Inu rival FLOKI is once again in the headlines after a cryptocurrency analyst predicted a big rise for the meme coin card. This has brought back interest in FLOKI coin, which is currently in a downward trend after rising almost 50% in the month of May.
GET READY FOR THE FLOKI BREAKOUT
Crypto analyst Blunts visited X (formerly Twitter) for the first time on Tuesday to talk about FLOKI and the prospects for meme coins. Initially, he compared FLOKI to PEPE, another Ethereum-based meme coin that outperformed the top coins in the May market. Clearly, FLOKI’s price trend has been similar to that of PEPE and is expected to follow the same path.
In a follow-up post, the cryptocurrency analyst further reiterated his stance on meme coins, saying he believes it has already started to happen. Blunts pointed out that meme coins are currently making higher lows and higher highs, and given their historical performance, this is very bullish for the price.
From here, the analyst expects the coin to continue surging further, although there are several resistance points. He mentioned a 1-2 pattern on the daily chart, which could suggest that FLOKI will continue to move forward from here.
Regarding the price target, Bluntz expects FLOKI price to rise by more than 100%. Crypto analysts see the high point of this trend at $0.00075, which would be an almost 200% increase for the meme coin at the current levels the price is trading at at the time of this writing.
Currently, FLOKI is under bearish pressure as Bitcoin price falls below $68,000. This caused the coin to fall from its May high of $0.0003 to $0.000246. Nonetheless, if Bluntz’s prediction holds true, FLOKI could soon be back in operation.
Bluntz’s predictions are reverberating in the markets because of his track record of being right. Bluntz gained widespread popularity in the cryptocurrency market when he accurately cited the Bitcoin price bottom in 2018.
Shiba Inu and Other Meme Coins
FLOKI is not the only meme coin to see declines on the last day due to an overall price decline. Shiba Inu fell more than 5.2% in its final day alone, after rising 16% on Wednesday. Because of this, approximately 50% of the increase in Shiba Inu from the previous day was deleted.
Further down the list, Shiba Inu’s biggest rival, Dogecoin, is also not performing. The leading meme coin lost 3.7% in the last day and 4.1% in the past week. Similarly, PEPE price also fell on the daily and weekly charts, recording losses of 11.1% and 5% respectively.
However, the biggest drop for the top meme coins came in the price of BONK. CoinGecko data shows the price has plunged 18.8% in the past day, adding to losses of 5.6% in the past week. Other meme coins such as Dogwifhat and Book of Meme (BOME) also suffered similar losses.
Featured image created with Dall.E, chart from Tradingview.com