YEREVAN (ConChapter.com) – Floki Inu, a pup from Dogecoin-spawned meme coin litter, saw its token FLOKI gain 54% since bottoming out at a record low on May 12. As a result, FLOKI/USD exchange rate stood at $0.000010 in Wednesday’s European session, while the charts flashed bearish warnings.
Floki Inu four-hour chart
FLOKI bulls might not have much to celebrate, as the four-hour chart shows another 80% crash wave underway. In detail, the digital asset has formed a “Bear Flag,” a bearish continuation pattern.
The setup entails a flagpole, i.e., the drop preceding the retracement, and a flag, a consolidation period with an upward tilt. As the chart above demonstrates, the Bear Flag formation signifies a drop equal to the initial flagpole. In FLOKI’s case, the target price stood at $0.0000015, over 80% lower than the token’s current valuation.
Also read: Floki Inu advertises on mainstream TV, but that didn’t help FLOKI price – what to expect?
Meanwhile, the Floki Inu team asserted that the digital asset’s utility beyond the meme coin status will be “the biggest catalyst for Floki adoption.”
FLOKI to benefit from P2E functionality?
A member of the “Floki core team” with a Twitter handle B(Da Viking) posted a thread describing Floki’s growing “presence in the industry.” They also added that “just on the sheer strength of our community and marketing alone,” the token was able to impact the market.
The team noted high hopes for Floki’s NFT-based play-to-earn (P2E) game Valhalla.
Also read: Floki Inu (FLOKI) surges amid meme coin rally.
This time around, people aren’t just buying a cryptocurrency based on speculation or conviction. They are buying because they NEED that cryptocurrency to earn money in a game that could empower millions or even tens of millions of people.
added the team member.
Some experts disagree
However, FLOKI’s dropping valuation might put a damper on the progress despite the grand plans. Additionally, the unfavorable conditions in the crypto market and the broader economy prompt experts to call a possible time of death on meme coins.
For example, Nick Saponaro, the chief executive of decentralized payment ecosystem Divi Project, voiced his bearish outlook in Feb. 2022. He asserted that the ‘crypto winter’ would weed out all the scams and potential bubbles from the sector.
Also read: Experts warn of recession as global inflation goes over the roof.
Meme coins will die, scam DeFi Ponzis will collapse and under-capitalised projects will be forced to cut the fat bloating their organisations.
said the expert.
