Floki Price Prediction as FLOKI Drops 5% – Is It Over for Meme Coins?
The Floki (FLOKI) price dipped another 5% on Wednesday to below $0.0001350. As the broader crypto market struggles, the Floki token is attempting to find 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 may lead to a potential “sell-the-news” scenario – which could 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.
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?”
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 rose, they could continue deflating as hype fades.
The Floki price could drop back to test support at its 2023 highs in the $0.00007 area.
A 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
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