Meme Coins Recover: dogwifhat (WIF) and Floki inu (FLOKI) Lead the Rally

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.

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:

  1. 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.
  2. 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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Several analysts have shared optimistic views on FLOKI’s current market position:

  1. 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.
  2. 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.
  3. 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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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency