FLOKI surges 22% in a week – Is a memecoin supercycle coming?
contributor Posted: December 28, 2024 Share this article FLOKI seems to be carrying a significant number of holders who are currently in the red All eyes are on the whales and whether they’ll help push the price higher The past week has marked a turning point for the memecoin community, which has struggled to attract investors amid a preference for less volatile, more stable assets lately. FLOKI, in particular, stands out as a prime example of this shift. With an impressive 22% surge in just seven days, FLOKI is showing signs of life, and its recovery is aligning with a broader shift in the memecoin market. So, as the green shoots of growth begin to emerge, could this mark the beginning of a bigger rally for FLOKI? FLOKI in a high-stake gamble The mid-December fallout hit the crypto market hard, with both high and mid-cap assets suffering the brunt of Bitcoin’s [BTC] sharp downturn. However, just a week before that, the scene was vastly different. As BTC soared to $99k for the first time, altcoins surged, and meme tokens took a backseat. Fast forward to the final week of Q4, and the memecoin market has made a surprising return, with a bullish green chart and new whispers of a potential ‘supercycle.’ For FLOKI, however, the journey is far from over. Priced at $0.0001800 at press time, it’s still a long way from its recent highs near $0.000300. While the recent uptick has sparked some optimism, FLOKI needs sustained momentum to rebuild investor confidence and return to profit territory. The stakes are high – Around 12,000 addresses are holding 307 billion FLOKI tokens, purchased at an average price of $0.000259, and they’re all underwater right now. Source: IntoTheBlock Clearly, these holders are watching closely. So, the pressure is on for FLOKI to deliver a significant rebound. In fact, analysts predict a potential 50% upside, which could push FLOKI to $0.00027, but that’s not going to be an easy feat. High consistency would be required Looking at FLOKI’s daily price chart, it’s clear that the token has maintained a relatively consistent price action. Nonetheless, when it comes to the memecoin market, market psychology plays a huge role. This space is notorious for its volatile swings, and FLOKI is no exception. Right now, about 72% of FLOKI’s total supply is held by a small group of large holders, collectively controlling around 7.17 trillion coins. These whales are clearly playing the short-term game, aiming to pocket quick profits. Realistic or not, here’s FLOKI’s market cap in BTC’s terms So, while an uninterrupted surge to $0.00030 might sound tempting, it’s likely too optimistic. A more achievable short-term target could be $0.000260, if the right conditions line up. That said, don’t expect a memecoin rally to happen overnight. Whales are known for swooping in at a discount and then selling at a premium – if that pattern continues, the $0.000260 level could face resistance, triggering a potential sell-off. With so much at stake, the next few days will be pivotal for FLOKI and the broader memecoin market. Share