Shiba Inu rival FLOKI has once again made headlines after a cryptocurrency analyst predicted significant card improvement for the meme coin. This has brought renewed attention to FLOKI, a coin that is currently in a correction after rising almost 50% in May.

Prepare for FLOKA’s escape

Crypto analyst Blunts first contacted X (formerly Twitter) on Tuesday to talk about FLOKI and the prospects for a meme coin. Initially, he compared FLOKI to PEPE, another Ethereum-based meme coin that outperformed the top coins on the market in May. Obviously, FLOKA price trend was similar to PEPE and expects it to follow the same path.

In the following part post, a cryptocurrency analyst has reiterated his stance on the meme coin, believing it is already starting to explode. Blunts pointed out that the meme coin has currently seen higher lows and higher highs, and considering the historical performance, this is a very bullish result for the price.

The analyst expects the coin’s price to continue to rise from this point, although it will encounter many resistance points along the way. He referred to a 1-2 formation on the daily chart, which could suggest this FLOKI will continue to push forward hence.

In terms of price targets, Bluntz expects a more than 100% enhance in FLOKA’s price. The cryptocurrency analyst estimates the peak of this trend at $0.00075, and from the current level where the price is at at the time of writing, this will be an enhance of almost 200% for the meme coin.

For now, FLOKI is dealing with bearish pressure resulting from the Bitcoin price falling below $68,000. This caused the coin’s price to drop from May highs of $0.0003 to $0.000246. Nevertheless, if Bluntz’s predictions come true, FLOKI could be back in the game soon.

Bluntz’s predictions are resonating with the market because he was right. Bluntz gained wide popularity in the cryptocurrency market back in 2018, when he correctly named the lowest price level for Bitcoin.

Shiba Inu and other meme coins

FLOKI is not the only meme coin that is losing value in the last day due to the overall price drop. For example, Shiba Inu is down more than 5.2% in the last day alone, after rising 16% on Wednesday. This removed about 50% of the Shiba Inu’s gains from the previous day.

Moving further down the list, Shiba Inu’s biggest rival, Dogecoin, is also not doing so well. The leading meme coin saw a 3.7% loss in the last day, down from 4.1% in the last week. Similarly, PEPE price is also dwindling on the daily and weekly charts, recording losses of 11.1% and 5% respectively.

However, the most significant drop in the prices of the most popular meme coins was observed in the price of BONK. CoinGecko data shows that its price has dropped 18.8% in the last day, adding to a 5.6% loss in the last week as well. Other meme coins such as Dogwifhat and Book of Meme (BOME) also suffered similar losses.

Featured image created with Dall.E, chart from Tradingview.com