Key Points
- FLOKI, a memecoin, has been listed on Coinbase, potentially priming it for a significant move in the market.
- Despite the listing and investor interest, predicting FLOKI’s trajectory remains challenging due to inherent volatility.
FLOKI’s Entry into Coinbase
FLOKI has made a significant stride by getting listed on Coinbase, which has caught the attention of investors. This listing coincided with the market’s recovery, providing FLOKI a robust chance at a parabolic run.
Despite the potential momentum indicated by the 70% weekly gains, it might be premature to predict if FLOKI is preparing for a correction. The Coinbase listing and investors’ inclination towards safer bets might prime FLOKI for a significant market move.
Market Shifts and Memecoins
The market has seen a significant shift over the past two cycles, making memecoins less prone to sudden swings. More investors now recognize them as a growing asset class with real use cases.
This cycle has witnessed a change within the memecoin community as well. Coinbase has listed three top memecoins – PEPE, WIF, and FLOKI – on its roadmap in the last three days.
Addresses holding 1 billion FLOKI tokens have responded positively to the listing, now holding 55 billion in total. However, the inconsistency in whale accumulation underscores the high volatility inherent in memecoins, making it challenging to predict FLOKI’s trajectory.
FLOKI’s Prospects and Bitcoin’s Role
FLOKI’s price could reverse with the fading hype from the Coinbase listing, especially given that the RSI seems to be in overbought territory. For a potential parabolic move towards $0.00030, Bitcoin will likely need to break through the $93k resistance level.
Bitcoin’s surge to an all-time high in under 10 trading days was sparked by a massive rush following the election results. However, momentum has since stalled, with Bitcoin consolidating within the $90k – $91k range over the last three days.
Unless Bitcoin hits a price level seen as the right, affordable ‘dip’ for new entrants, bulls will struggle to break the resistance at $93k. Therefore, until these issues resolve themselves, memecoins like FLOKI will likely remain consolidated or face a potential correction.
