The Floki (FLOKI) price has recently declined by 3% to below $0.00020 despite $170 million in trading volumes. Named after Elon Musk’s Shiba Inu dog, Floki is currently the fifth-largest meme coin by market capitalization. The FLOKI market cap was last around $1.84 billion according to CoinMarketCap. The surge in risk appetite within the meme coin sector led to explosive price growth for FLOKI between late February and early March. It experienced an 800% pump, reaching an all-time high of $0.000313, but has since dropped back by around 38%. Major cryptocurrencies such as Bitcoin and Ether have been consolidating since early March, causing the meme coin space risk appetite to deflate.
The loss of momentum in the broader market could indicate that Floki’s price drop may be heading for a potential deeper pullback. In the last month, the Floki price has been consolidating within a triangular pennant structure. There is concern that if Floki breaks this pennant structure to the downside, a short-term retest of $0.00016 support could be on the cards, with a potential break below leading to losses of as much as 65% from current levels. This could mean losses of as much as 80% for investors who bought at the recent high. Despite the near-term price risks being tilted to the downside, many investors may consider this dip a good opportunity to add exposure to the meme coin sector, as meme coins have shown significant potential in recent months.
While Floki may have potential for big gains during the current crypto bull market, its upside from current levels could be limited. As an alternative with potentially larger gains, investors may consider cryptocurrency presales. These projects often sell tokens at discounted prices to early investors, who may then sell for substantial gains if the project gains traction in the market. Projects with strong leadership, clear objectives, and disruptive potential may offer significant upside for investors. Cryptonews provides resources and analysis to identify compelling presales within the cryptocurrency sector, with 5thScape (5SCAPE) being highlighted as a promising project currently in presale.
5thScape is the world’s first VR/AR mixed-reality platform, with the potential to ride the XR narrative wave. Priced at $0.00285 in presale, investors can lock in paper gains of 250% versus the planned launch price of $0.01. The project has already raised $4.9 million with a total token supply of 5.1 billion, offering investors the opportunity to buy into the project at a market cap of $15 million. There is the possibility for 5thScape to become a major market leader in the VR/AR niche and potentially reach a $500 million market cap, resulting in gains of around 30x for early investors. The project has been audited by Coinsult and has passed KYC verification, further solidifying its potential for growth.
As with any investment in the crypto space, it’s important to note that this sector is high-risk and investors could potentially lose all of their capital. This article is provided for informational purposes and does not constitute investment advice. While Floki faces a potential drop in price, the meme coin sector has shown robust growth in recent months. Investors looking for high-risk, high-reward opportunities may find value in cryptocurrency presales, with projects like 5thScape offering substantial upside potential. It’s crucial for investors to conduct their own research and due diligence before making any investment decisions in the volatile crypto market.
