The Floki (FLOKI) price dipped another 5% on Wednesday to below $0.0001350. As the broader crypto market struggles, the Floki is attempting to find a footing within recent ranges.
The crypto market has been engulfed with bearishness amid rising macro and geopolitical headwinds in recent weeks.
Now probing $60,000 once again, Bitcoin is down 17% from last month’s record highs near $74,000.
The upcoming Bitcoin halving could be a sell-the-news event, convincingly bringing BTC under $60,000 for the first time since March.
The upcoming Bitcoin halving may lead to a potential “sell-the-news” scenario. This could potentially drive the price of Bitcoin (BTC) below $60,000 for the first time since March, as market participants might have already priced in their expectations for the halving.
Consequently, some investors and traders may decide to sell their holdings once the event occurs, resulting in a potential price drop.
Bearish flows across the crypto market could further worsen, weighing heavily on meme coin markets and FLOKI.
For what it’s worth, last near $0.000135, the Floki price is already down around 57% from last month’s $0.0003150 highs.
Other similar meme coins are nursing similar losses. Dogecoin (DOGE) is down 35% from last month’s highs. Shiba Inu (SHIB) is down a little over 50%. And Pepe (PEPE) is down around 54%.
Ugly losses in recent weeks have some investors asking “is it over for meme coins?”
Floki Price Prediction – Is It Over For Meme Coins?
Things could get worse for meme coins like Floki from here. Given their lack of obvious inherent value, meme coins are highly vulnerable to hype cycles.
The crazy late February/early March pump in meme coins was a building hype cycle. But just as quickly as prices came up, they could continue to deflate as hype fades.
The Floki price could drop back to test support at its 2023 highs in the $0.00007 area.
Source: TradingView
Continuing decline doesn’t necessarily mean “it’s over” for meme coins like Floki. First and foremost, a meme coin’s longevity is determined by its community, and Floki boasts close to 600,000 followers on Twitter.
Additionally, the Floki community and its developers are making significant efforts to transform FLOKI into more than just a meme coin. The latest roadmap for the meme coin sheds light on the numerous projects its team is working on to enhance FLOKI’s utility.
FLOKI ROADMAP: WHAT’S NEXT ON OUR AGENDA…
From the get-go, we’ve been VERY clear about our goal for Floki:
To be the most known and most used cryptocurrency in the world.
Our new roadmap outlines how we intend to achieve this:https://t.co/cBqJXwhziH pic.twitter.com/hBydq4D4lX
— FLOKI (@RealFlokiInu) March 22, 2024
Secondly, the latest meme coin price spike, which was catalyzed by Bitcoin ETF hype, shows meme coins still have the potential to deliver big gains.
Despite the current short-term bearishness, most assume we remain in the midst of a long-term bull market.
A year ago today, the price of a Bitcoin was $29-30k
Today people are stressed that we’re testing the $60k area
Zoom out
— Alistair Milne (@alistairmilne) April 17, 2024
The hype surrounding major cryptos like Bitcoin, Ethereum and Solana will likely return at some point.
And this could at any point bleed across to meme coins. Going short meme coins like Floki right now might have a higher probability of delivering returns.
But anyone holding onto a short position risks being blown up at any point should hype the suddenly return.
With its market cap back at a modest $1.3 billion, Floki could easily still post 10x or more gains in this bull market.
Floki Alternative to Consider
Some consider meme coins to be high-risk investments due to their lack of inherent value, while others view them as a potential pathway to substantial gains.
These investors might want to look into presale investing. Up-and-coming web3 projects often raise funds via the early, discounted sale of their native tokens.
Presale investors frequently bag gains in excess of 10x if the project they invested in gains traction.
Of course, this requires that investors identify projects that have a great vision, have a promising use-case and great team.
But with so many presales competing for investor funds, it can be tough to know where to start.
Luckily, analysts at Cryptonews spend a lot of time combing through the presale market and looking for the best projects.
One project they think has great potential is an eco-friendly DePIN AI crypto project called eTukTuk.
The project seeks to accelerate the adoption of electric TukTuks in developing countries.
Investors have been piling into the green crypto’s $TUK token ICO. The transportation-focused web3 start-up has now raised over $3.0 million.
1/ Introducing the versatility of the $TUK Token:
Discover the myriad utilities and benefits that the $TUK token brings to the eTukTuk ecosystem. pic.twitter.com/MHwoibCfM8
— eTukTuk (@eTukTukio) April 15, 2024
Each new stage of the eTukTuk presale brings an incremental price increase of 3%, ensuring pre-listing gains for early backers (up to a total of 31% across the presale).
Potential investors are advised to act swiftly, as the next price rise is imminent when eTukTuk reaches $3.271 million.
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