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- FLOKI shows resilience with strong institutional backing, outshining other top meme coins like PEPE and SHIB.
- Despite market challenges, FLOKI forms higher lows, signaling potential for a new rally in the upcoming cycle.
In recent weeks, the cryptocurrency market has become more volatile, creating what some analysts and investors regard as an excellent chance for strategic accumulation.
Scofield, a notable crypto analyst, tweeted that the recent market drop is allowing smart investors to accumulate tokens such as FLOKI, which has received a lot of attention.
The current market dip is giving smart investors an opportunity to accumulate once again.$FLOKI seems to be a favorite among smart money, as it has strong institutional backing and fundamentally outperforms other top #memecoins like $PEPE, $WIF, and $SHIB.
This is why I am…
— Scofield (@Crypto_Scofield) September 4, 2024
FLOKI Institutional Support Sets It Apart from Other Meme Coins
This observation is consistent with FLOKI’s gaining popularity among institutional investors, who believe it has the potential to outperform other popular meme coins.
Scofield expressed strong confidence in FLOKI’s future, stating that it seems to be a favorite among smart investors due to its strong institutional support and its fundamental performance, which surpasses other popular meme coins like PEPE, WIF, and SHIB. He is convinced that FLOKI will be the Dogecoin of this bull run.
Beside that, Jelle, a cryptocurrency investor, echoed this sentiment, pointing to FLOKI’s robust market performance against larger market challenges. He pointed out:
“Looks like FLOKI is forming another higher low right at key support – in a time that the rest of the market struggles.”
This insight implies that, despite the crypto market’s volatile conditions over the summer months, FLOKI has managed to maintain strong support levels, providing investors with cause to be optimistic.
Jelle went on: “I believe the choppy summer is nearing its end, and FLOKI looks solid for a new run in the second half of the cycle.” This optimism echoes the general view among FLOKI holders, who anticipate a future price increase when market conditions stabilize.
FLOKI is currently trading at about $0,000119, down 3.78% over the last 24 hours. Despite this drop, the token continues to trade at $132.5 million volume today, indicating that investors are still interested.
This price movement followed a remarkable event noted by CNF, in which a dormant Floki Inu wallet became operational after being inactive for 2.5 years.
The wallet deposited billions of FLOKI tokens into Binance, a substantial transfer that piqued the interest of many in the crypto world. The deal entailed the transfer of 15.22 billion FLOKI, worth around $2.27 million, just hours before FLOKI’s price began to fall.
