Floki Inu FLOKI/USD caught the attention of bullish traders, despite recent market upheaval that dragged its long-term price outlook down.
What Happened: Trader TimelessBeing on Monday shared that “blue chip meme” FLOKI makes up most of his spot holdings, saying that he plans to hold onto it in anticipation of a year-end rally. The influencer also noted that the potential for large long unwinds is minimal as most participants have already exited.
He added that altcoins are entering a region of “attractive valuations” and expressed his intention to start deploying "dry powder" again after a period of patience over the past few months. He ended his tweet with a prediction that the market will be up by the year’s fourth quarter.
Another crypto trader mentioned the value of patience for FLOKI.
Why It Matters: The crypto traders’ bullish stance on FLOKI could potentially sway investor sentiment in light of the recent market downturn.
Last week, the Floki community took to its social media profile to warn users about a potential scam: "It has come to our attention that there are scams claiming Floki has a token on Base or Solana." Floki is tradeable only on BNB Chain and Ethereum.
Price Action: In the past 24 hours, FLOKI is up 1% but down 48% over the past 30 days.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
