New Dogecoin Competitor Emerges as Floki Price Blasts Up – Is It

Tim Hakki

Last updated:

July 15, 2024 at 19:39 GMT+3

| 3 min read

The top-ten meme coin and soon-to-be trading bot inspired by Elon Musk’s pet Shiba Inu of the same name, Floki ($FLOKI), is enjoying the strongest price rally of any leading doge-themed coin today.

In the last 24 hours, $FLOKI added 12% to its price to trade at $0.0001622. These gains represent the bulk of its explosive performance this week, as Floki added 12.1% in the last seven days.

Still, it’s a better performing cryptocurrency than Bitcoin ($BTC) right now. The number one digital asset, which often sets the pace for the rest of the market trends, rose a more muted 5.5% overnight and 9.7% over the week to and currently change hands at $62,864.

$FLOKI’s price performance is also currently outperforming its sector leader, Dogecoin ($DOGE).

Dogecoin closely tracked Bitcoin, growing 5.1% overnight and 7.8% over the week to its current price of $0.1176.

But holders of all major Shiba Inu meme coins are profiting right now. Dogecoin’s number one rival, the Ethereum-based Shiba Inu coin ($SHIB), added 8.6% to trade at $0.00001799, while holders of Solana’s DogWifHat coin saw their bags swell 7.9% overnight to $1.82. Bonk ($BONK), another Solana Shiba Inu coin, grew 5.4% overnight to $0.00002452.

FLOKI Price Analysis – New Rallies Ahead?.

$FLOKI’s price chart shows token trading in a narrow margin between its current resistance level of $0.00018 and its support, which appears to be between $0.00012 and $0.00014, as shown by the colored lines.

Since early June, the token has shed 53% as it spiraled down from an all-time high of $0.0003449, posted on June 5.

With a relative strength index (RSI) of 76 and rising, $FLOKI is above the “overbought” threshold of RSI 70, which means its price is a little overvalued right now and some prompt profit-taking is likely to bring the rally to an end soon. This could also indicate an inbound price correction too.

Will GameFi Token Playdoge Be Crypto’s Next Biggest Meme Coin?.

Another cute doge is likely to attract more explosive price gains than $FLOKI once it hits the open market later this year: on-chain tamagotchi remake Playdoge.

See, while Floki is branching out as a Telegram-based trading bot, which is currently being beta tested, its likely to face stiff competition from a new competitor called...

https://cryptonews.com/news/new-dogecoin-competitor-emerges-as-floki-price-blasts-up-is-it-too-late-to-buy.htm

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