Amidst the crypto bloodbath that pulled Bitcoin down below $60,000, meme coins are showing signs of recovery. While BTC and ETH hasn’t exhibited major recovery signs, dogwifhat (WIF) and Floki Inu (FLOKI) are showing positive rally.
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dogwifhat (WIF) Surges 22.52% Amid Whale Activity
dogwifhat (WIF) has experienced a major uptick, rising 22.52% in the past 24 hours to reach $1.87. A part of the rise in price can be attributed to the increased whale activity.
Lookonchain has reported notable whale activity in WIF:
- A whale who previously lost $4.63 million on WIF has re-entered the market, spending 3.77 million USDT to acquire 2.06 million WIF at an average price of $1.83. This move, buying at a higher price after selling low, highlights the FOMO (fear of missing out) sentiment currently surrounding WIF.
- Another early WIF investor has increased their position, purchasing an additional 938,434 WIF (worth $1.6 million) just four hours ago. This investor, who initially bought 3.58 million WIF for only $21,000 in December 2023, now holds 3.97 million WIF valued at approximately $7.3 million.
Crypto analyst VikingXBT suggests that if the recent market bottom is confirmed and the current price action is merely a deviation, the setup for WIF looks “super good.” This technical perspective adds to the bullish sentiment surrounding the token.
Floki Inu (FLOKI) Gains 12.15% as Bulls Defend Support
Floki Inu (FLOKI) has also joined the meme coin recovery, posting a 12.15% gain in the last 24 hours to reach $0.0001721. This upward movement comes as the token holds crucial support levels.
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Show more +Several analysts have shared optimistic views on FLOKI’s current market position:
- TraderSteve notes that despite a brief dip below the 78 Fibonacci retracement level, FLOKI quickly recovered. The analyst remains confident in their position, predicting that FLOKI could potentially “remove a 0” (increase by a factor of 10) this market cycle.
- Crypto Collector views the recent 59% correction from FLOKI’s May top as a buying opportunity, suggesting now might be a good time to accumulate.
- Analyst Jelle points out that FLOKI is holding local support even as Bitcoin faces selling pressure due to Mt. Gox-related news. With the MACD close to flipping bullish and the impending launch of a Floki Trading Bot (which will use its revenue to buy and burn FLOKI tokens), Jelle advises keeping a close eye on FLOKI for those betting on the continuation of the bull market.
The price of Solana had also experienced an 8.79% in the last 24 hours, which helped SOL-based WIF to enter a bullish mode. However, top meme coins like Dogecoin and Shiba Inu has not yet started a notable recovery.
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