Floki (FLOKI) bulls are growing nervous as a price pullback accelerates. The token has now dropped over 25% from last week’s highs in the $0.000267 area to around $0.00020.
This week’s drop has seen the Floki price break convincingly below its 21DMA for the first time in months.
That could open the door to a near-term drop back to resistance-turned-support around $0.00016.
The 50DMA would also come into play here. This area could, therefore, be a zone where many investors are keen to buy the dip.
Indeed, many crypto investors will likely seek a piece of the Floki action after its stunning 7x rally since early February.
At the current Floki price of $0.0001995, its market cap is just under $2 billion.
That’s over 12x less than Dogecoin’s monstrous $25 billion market cap. That suggests Floki still has plenty of upside potential.
But can it ever reach $1?
Floki Price Prediction – Can It Ever Reach $1?
Floki has a total supply of just over 9.7 trillion. So, at a price of $1 per token, it would have a market cap of $9.7 trillion.
That’s nearly 7.5x Bitcoin’s current market cap of around $1.3 trillion. While nothing is impossible in crypto, that suggests that the Floki price ever reaching $1 is likely a little farfetched.
But can Floki reach a valuation in the $10s of billions? That is very possible, with Dogecoin and Shiba Inu already showing the path.
Assuming Bitcoin goes on to replace gold as the global reserve asset, reaching a market cap in the tens of trillions of dollars, then Floki could even go on to clinch a $100 billion market cap.
It is, after all, likely to stay a leader in the meme coin space, thanks to its massive, dedicated community.
Floki Alternative to Consider – Presale Investing
Shiba Inu offers potential investors a great chance to make solid gains.
However, those looking for a better probability of near-term gains should consider an alternative high-risk, high-reward investment strategy—getting involved in crypto presales.
Presales offer investors a routine to get involved in a project at its very early stages, and thus potentially make returns of as much as 100x.
If investors can identify projects with solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new presale projects.
Here are 14 of the best presales of 2024, according to the team at Cryptonews:
See the 14 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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