Despite a 10% pullback from its newly established all-time high of $0.000348, the price of the memecoin FLOKI appears poised for further gains, according to market analysts and on-chain data. The meme-inspired cryptocurrency reached the record peak yesterday before experiencing a modest correction.
FLOKI Meme CoinTechnical Outlook
Crypto analyst Cactus, who goes by the X handle @thecryptocactus, believes FLOKI’s price is “looking super good” and will likely flip the new all-time high in the coming days. Cactus cited strong buying pressure, with dips being swiftly bought up, and recent news of a $12 million investment by DeepWeb Fund to support the FLOKI ecosystem.
Cactus stated: “$FLOKI / USD things are looking super good for price action knocking on ATH, and likely going to flip in the coming few days, in addition DWF purchased $12m to help support the ecosystem further. any dips are being eaten, this is going much higher.”
BNB Chain Tailwinds
Another factor potentially fueling FLOKI’s ascent is the recent strength of Binance Coin (BNB), the native cryptocurrency of the BNB Chain on which FLOKI is built. Over the past six days, BNB has spiked 21%, setting a new all-time high.
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As highlighted by the X account @bitcoinlfgo, “BNB chain has acknowledged $FLOKI as the biggest #memecoin on its chain. #FLOKI has been outperforming $PEPE, $BONK, $WIF, $DOGE, and $SHIB recently due to $BNB hitting ATH, since it is the biggest memecoin on BNB chain.”
The positive price action in BNB, coupled with FLOKI’s status as the leading memecoin on the BNB Chain, has contributed to the token’s impressive performance relative to other popular meme cryptocurrencies like Dogecoin and Shiba Inu.
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The post FLOKI Meme Coin Price Surge Not Over Despite 10% Decline from All-Time High: Here’s Why appeared first on CaptainAltcoin.