A closely followed crypto analyst believes that one red-hot Dogecoin (DOGE) rival is gearing up for more massive gains.
Pseudonymous trader Kaleo tells his 641,600 followers on the social media platform X that FLOKI‘s market cap could soar to at least $10 billion, more than 3x the current value.
The analyst says FLOKI could head much higher after forming a cup-and-handle pattern, a setup used in technical analysis that traditionally suggests an incoming breakout.
“Don’t need a fancy chart here. Just look at FLOKI zoomed out.
- Retesting its 2021 all-time high.
- Clean high time frame cup and handle.
- BNB is on the verge of price discovery.
- Memecoin super cycle.
This sends to $10 billion plus on the next leg up easily.”
The analyst compares FLOKI’s current price pattern to another red-hot memecoin, Pepe (PEPE), before its sudden rise.
He also believes that FLOKI is benefiting from being based on Binance’s BNB Chain while BNB, the native token of the BNB Chain, is in an uptrend.
“Low timeframe FLOKI does look a lot like PEPE did before its last move higher. It has a similar narrative as well: PEPE being a high ETH beta meme play, FLOKI being a high BNB beta meme play.”
Floki, with a current market cap of $3.1 billion, is trading for $0.0003182 at time of writing, up more than 1,000% since trading for $0.0000269 four months ago on February 5th.
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