Shiba Inu Competitor FLOKI Poised For Dogecoin-Like Rally – How High Can It Go?

A crypto analyst has predicted that prominent meme coin and Shiba Inu competitor, Floki (FLOKI) is poised to witness a Dogecoin-like rally to new levels. This bullish projection comes on the heels of Floki’s recent listing on the leading crypto exchange, Bitstamp.  

Analyst Anticipates Major DOGE-Like Upswing For Floki 

In an X (formerly Twitter) post on July 26, a crypto analyst identified as ‘Scofield’ shared a highly optimistic outlook on Floki, underscoring the cryptocurrency’s core strengths and its substantial potential for future growth. Scofield observed that dog-themed meme coins like Dogecoin (DOGE) and Floki have been showing strong performance during the current crypto market recovery. 

With a market capitalization surpassing $19.4 billion and $10.13 billion, Dogecoin and Shiba Inu respectively are regarded as the leading cryptocurrencies amongst meme coins. Meanwhile, Floki, with a market capitalization of over $1.72 billion, is positioned as a major contender to SHIB, and is expected by the crypto analyst to closely follow Dogecoin’s bullish price movements. 

In his post, Scofield hinted that Floki could be on the verge of a Dogecoin-like rally, observing that the meme coin has been recently acting as a “Dogecoin Beta.” This description suggests that Floki has been behaving like a more volatile version of Dogecoin. 

Scofield has maintained a strong bullish stance on Floki’s future price outlook, emphasizing that the cryptocurrency has proven its durability over time while possessing strong fundamentals. While the analyst has not stipulated how high the popular meme coin is set to rally, he disclosed that several major upcoming events could serve as significant catalysts to further boost Floki’s performance. 

Speaking of bullish events, on July 25, Bitstamp announced that it has extended support for Floki on its exchange. This news came as a pleasant surprise for members of the Floki community, as numerous analysts see the new listing as a major milestone and potential bullish catalyst for Floki. 

Scofield has described Floki’s integration into Bitstamp as extremely bullish. The analyst emphasized that Floki has become one of the few meme coins listed on Bitstamp, which is among the oldest and largest crypto exchanges in Europe.

Analyst Identifies Floki As The Next Big Meme Coin

In another X post, Scofield declared that Floki is the next biggest meme coin on Ethereum, after Pepe (PEPE). The analyst disclosed that despite the recent market correction, Floki has remained one of the strongest performing meme coins. 

According to CoinMarketCap’s data, Floki is currently trading at $0.0001822, marking a slight uptick of 0.40% in the last 24 hours. The cryptocurrency has been on a major downward trend over the past week, dropping by approximately 6% over the past seven days. 

Scofield asserts that the team behind Floki continues to hint at significant announcements, which could potentially impact the performance and price of the meme coin favorably. 

Featured image from Reddit, chart from TradingView