- Memecoin season has begun.
- FLOKI price action looks promising.
The cryptocurrency market has always been known for its high returns, with Bitcoin often serving as a benchmark for other assets.
In 2024, only 42 coins among the top 300 on CoinMarketCap have outperformed Bitcoin in terms of year-to-date profits, according to Murad, crypto analyst at X, formerly Twitter.
These tokens, including popular memecoins like FLOKI, are poised to see price increases if market conditions improve and Bitcoin leads the market recovery.
Source: Murad/X
It is worth noting that memecoins dominate the list of top performers, sparking speculation as to whether we are entering a memecoin cycle.
FLOKI consolidates into a triangle
FLOKI, a prominent player in the memecoin space, has shown promising price action on the FLOKI/USDT pair.
The coin is holding firmly above a key support level at 0.0001 and consolidating tightly within a symmetrical triangle.
If this pattern is broken, its price could see a sharp increase. This puts FLOKI among the top memecoins to watch closely for potential growth.
Source: TradingView
Since March, the price has been consolidating, although many other coins have entered a correction phase after reaching new all-time highs.
A breakout and a successful retest could confirm that FLOKI is poised to move higher. However, if the price breaks below the pattern and confirms a downtrend, investors may need to reevaluate their strategies.
The current price presents a solid entry point, especially with growing optimism around a potential memecoin season.
Altcoin Domination and FLOKI Potential
The broader cryptocurrency market cap is sitting at critical trendline support, suggesting prices could soon rise.
If this support holds and the market rebounds, it could have a positive effect on 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 large market cap assets like FLOKI.
Source: TradingView
Holders are benefiting from 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 on to their positions, especially since large holders, or whales, control 86% of the supply.
Transactions worth more than $100,000 totaled $20.44 million, highlighting strong whaling activity.
Source: IntoTheBlock
Additionally, the number of FLOKI holders on Telegram increased by 1.15%, with 63% holding for over a year, 33% for one to twelve months, and 4% for less than a month.
Realistic or not, here is FLOKI’s market capitalization in terms of BTC
FLOKI holders will receive CAT coins
FLOKI holders on Binance and OKX are set to receive CAT tokens via an airdrop, as announced by the CAT team. The snapshot of 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 could quickly buy the dip, sending FLOKI’s price further up.
