Floki Price Prediction as Smart Money Pours $50 Million into Meme

Simon Chandler

Last updated:

May 8, 2024 07:04 EDT

| 3 min read

The Floki price has fallen by 7% in the past 24 hours, dropping to $$0.000169 as the cryptocurrency market suffers a 2% decline today.

Floki Inu holds onto a 15% increase in the past week, although the meme token has lost 19% in the last 30 days, during a difficult period for the market as a whole.

However, the past couple of days have seen several ‘smart money’ traders have been pouring millions into Floki and its popular rival PEPE, with Nansen data showing that one trader alone has bought over $1 million in FLOKI in the past week.

And with the popular meme token still sitting on 350% gain in a year, it has enough medium- and long-term momentum to perform a big rebound soon.

Floki Price Prediction as Smart Money Pours $50 Million into Meme Coins – Is FLOKI the Next Big Crypto Winner?.

FLOKI’s indicators have all declined in the past few days, yet their descent is nearing a bottom, implying that the coin should pick up in the near term.

For instance, FLOKI’s relative strength index (purple) has just touched 30 in the past hour, with the coin entering a strongly oversold position and selling at a big discount.

At the same time, the alt’s 30-day average (orange) has recently fallen below the 200-day (blue), a move that usually signals a big selloff, and then sooner or later a recovery.

What will be interesting to see is whether FLOKI’s support level (green) can stave off a decisive fall below $0.0001690.

If it can’t, the token may suffer a little more before it corrects itself, with its low volume – currently at $100 million – making it vulnerable to big swings.

However, signs suggest that interest remains in FLOKI, with the past week witnessing some big buys from whales and other large traders.

Recent data from Nansen also suggests that the past week has been a good period for meme tokens in general, with several tokens – including PEPE – witnessing significant inflows from whales and smart money.

As such, we may see a real uptick in the Floki price in the not-too-distant future, with coins across the board remaining in oversold positions that need to be corrected soon.

The meme token could return to $0.00020 by the end of the summer before closing the year at around...

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