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Floki’s (CRYPTO: FLOKI) bullish performance, boasted by a proposal to burn 15 billion FLOKI, has traders comparing it with Pepe (CRYPTO: PEPE).
What Happened: Heavily followed crypto trader Cold Blooded Shiller predicts more strength for Floki compared to Bonk (CRYPTO: BONK). He also reveals his exposure to the entire VanEck meme index, indicating his continued interest and investment in meme-based cryptocurrencies.
Another crypto trader recognizes that Floki's presence is "looking fabulous" and with Bitcoin gearing up for its next leg, "things could go higher faster than we think."
He also notes the performance of Floki/Pepe, which he believes is reacting very well at this key level "from which it doubled 2 times in 3-4 days."
Swing trader and technical analyst Murfski targets a 40% move from current prices for Floki, based on "clear signs of a bottoming formation." He deems it one of the stronger memes in recent weeks.
Floki tallied 45% month-on-month gains, while Dogecoin (CRYPTO: DOGE) is down 7% in the same period. Shiba Inu (CRYPTO: SHIB) and Dogwifhat (CRYPTO: WIF) report marginal gains of 3% and 4%, respectively. Bonk and Pepe saw an increase of 50% and 94% over the same time frame, respectively.
The performance has crypto traders comparing Floki to Pepe, which recently hit a new all-time high.
Also Read: Why This Crypto Market Is ‘A Bear Trap’ And Which Coins This Trader Is Backing
Why It Matters: Floki announced a proposal to burn 15.2 billion FLOKI tokens starting May 14 and ending on May 16. Historically, there have been three key burn-related DAO votes, with the most recent being in February 2024 to burn 190.9 billion tokens.
Europe's biggest neobank and retail trading app, Revolut, listed Floki, making it easy for businesses across Europe to buy FLOKI. Binance Thailand listed Floki, with around 12% of the population, or nearly 10 million people, owning crypto in Thailand.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
