Analyst picks Floki Inu over Pepe and Bonk as meme coins join the crypto party
Surging Bitcoin and Ethereum could help FLOKI price higher.
Technical picture also bullish for the meme coin as price nears.
Pepe (PEPE) and Bonk (BONK) are up 33% and 24% respectively as the memecoin world bids to join the crypto party after Ethereum ETF news sparked a buying frenzy.
But while PEPE and BONK are standout performers among the top meme coins by market cap today, an analyst has shared some of the reasons to be bullish on Floki Inu (FLOKI).
“$PEPE and $BONK are both up over 34% today, showing that the memecoin economy is super strong,” crypto analyst Shelby noted via X.
While the two meme coins lead the gainers across the sector, the analyst points to Floki Inu (FLOKI) as one to watch.
According to Shelby, Pepe and Bonk’s massive spikes in the past 24 hours are a precursor of what the market could witness with Floki.
“I believe now is a good time to start paying attention to Floki,” Shelby noted, pointing to Floki’s standing as one of the top meme coins.
Floki’s ecosystem growth, which includes key product updates, is also a factor to consider when analyzing its price potential down the road.
Floki Inu’s growth and the 2024 roadmap
Floki has witnessed steady growth since the team unveiled the project’s 2024 roadmap earlier this year.
With part of the goal being to move Floki beyond the memecoin status, key developments to watch include staking, Floki debit cards and digital bank and the flagship utility product Valhalla.
In the market, Floki price recently surged by more than 13% amid a new DAO proposal that sought community approval to burn 15,246,000,000 FLOKI.
According to an announcement on Tuesday, that burn is set to occur on May 22, 2024 following a 99.84% vote approval.
Floki Inu price today
Today’s 11% gains come as Floki mirrors prices of top coins BTC and ETH, with sentiment positive amid the potential approval of spot Ether ETFs by the SEC.
A sharp rise for cryptocurrencies due to an approval could catapult FLOKI higher. The token burn, as in the recent case, also adds to the positive outlook.
However, the technical picture also supports an upside continuation for FLOKI with momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) hitting at bullish strength.
Floki Inu price is currently at $0.00022, its highest level since early April.