The recent activity in memecoins, particularly with the rise of new players like Solana-based Dogwifhat (WIF), has become a focal point in the cryptocurrency market. However, leading memecoins such as Shiba Inu (SHIB) and Floki (FLOKI) are also drawing attention with their gains. In contrast, the overall decline in memecoins has shaken investors. While some experts interpret this drop as a strategic move to shake out investors, others speculate whether it signals the beginning of a broader decline for memecoins as a whole.
Will Shiba Inu Reach 1 Turkish Lira?
Despite the recent drop in leading memecoins like Shiba Inu’s SHIB and Floki’s FLOKI, market participants seem to maintain a positive outlook on memecoins. Analysts are pondering whether the price drop in these two leading memecoins could be a calculated move by investors.
SHIB is trading at 0.0000338 against the US dollar, down 20.18% in the last 24 hours, and at 0.001074 against the Turkish lira at the time of writing. Before the recent drop, SHIB had risen to 0.001431 against the Turkish lira and has been losing value since then.
For SHIB to reach the level of 1 Turkish lira, it would need to gain an extremely high rate of 93,000% from its current price or rise by 2,879% against the US dollar to reach 0.032. It’s worth noting that such a price increase seems unlikely for a memecoin with a current market value of 20.28 billion dollars.
Analysis of Floki Coin
On the other hand, FLOKI has also taken its share from the recent memecoin hype, recording an increase of over 140% in the last 7 days and over 400% in the last 30 days. As of this writing, FLOKI is experiencing a modest increase of 0.62% in the last 24 hours, trading at 0.0001396 dollars.
A technical look at FLOKI shows that the price has risen above the 20, 50, 100, and 200-day Simple Moving Averages (SMAs) on February 9th, and the uptrend has been gaining strength since then. The breakout from the 20-day SMA in particular indicates a strong rally for FLOKI. In a bearish scenario, considering the moving averages attracting the price, it’s possible that the memecoin could test the 20-day SMA at the 0.00007 dollar level.
Indeed, the Relative Strength Index (RSI) giving an overbought signal on daily and weekly timeframes suggests that a much harsher correction than the one on March 5th could be on the table.
