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In the cryptocurrency markets, a closely followed analyst suggested that Dogecoin’s (DOGE) strong competitor, Floki (FLOKI), is poised for greater gains. Crypto analyst Kaleo claimed on social media platform X that Floki’s market value could rise to at least $10 billion, tripling its current value.
Critical Formation in FLOKI
The popular crypto analyst suggested that Floki could progress further after forming a cup and handle pattern, a technical indicator of an upward trend. The senior analyst stated:
No need for a fancy chart here. Look at FLOKI. It’s retesting its all-time high from 2021. Clear the resistances on the high time frame. BNB price discovery is on the brink. Meme token’s super cycle. This situation could easily push it above $10 billion in the next phase.
Comparison Between FLOKI and PEPE
The senior analyst compares Floki’s current price model to another meme token, Pepe (PEPE), before its sudden rise. He also believes that Floki benefits from being based on Binance’s BNB blockchain and that BNB’s native token, BNB, is in an upward trend. The analyst stated:
Low time frame FLOKI looks very similar to PEPE before its recent surge. It also has a similar narrative. PEPE is a high ETH beta play, while FLOKI is a high BNB beta meme play.
With a current market value of $3.1 billion, Floki was trading at $0.0003182 at the time of writing. It has increased by over 1000% since trading at $0.0000269 four months ago on February 5th.
