A little over a joke, meme coins are now imposing like never before in the arena of cryptocurrencies. In 2024, the battle occurs among meme coins, with the emerging one, FLOKI, challenging Dogecoin’s many years of being on top. Meanwhile, the much-anticipated algorithmic trading platform Algotech is catching eyes as it approaches its presale’s final bonus round.
These developments underscore the increasing maturity and burgeoning mainstream appeal of meme coins, which have grown from humble roots as internet jokes to level up as a serious avenue. In their rush for potential returns, merging community-generated excitement with innovative use cases has really propelled these once-niche assets into the limelight.
Kabosu’s Passing Casts Shadow on Dogecoin, Yet Market Recovers
Among memecoins, Dogecoin is the global leader, which started the category early and reached the status through the iconic nature of its Shiba Inu mascot and the vast, loyal community known as the Doge Army. But even this might be overshadowed by some sad news, as the recent passing of Kabosu, the Shiba Inu behind the original Doge meme, casts a shadow on the crypto-verse.
Riding on the back of this news, the market price of Dogecoin practically went through a 6.2% downturn over the last 24 hours. But the slump was temporary. The price reverses bullish by rising 3% and is now standing at $0.16. The recent performance in Dogecoin has been one of reduced volatility, suggesting that there could be some maturation within the market. According to the data from Santiment, price volatility has apparently reduced from its March peak as a consolidation of the trading pattern looks set within the coin.
According to IntoTheBlock’s data, most Dogecoin holders are in profit, at 83%, while data suggests only 13% are at a loss and 4% are at break-even. Such a landscape is painted on the background of pervasive remarkable volatility within large Dogecoin transaction (whale) activity while overall depicting an environment of relative stability.
Analyst Predicts Potential 150% Price Hike for FLOKI
Into this backdrop has emerged a relative newcomer to the memecoin arena: FLOKI has been making quite a big splash. Inspired by a Shiba Inu breed, the cryptocurrency broke out over a bullish pattern some days back, igniting notable price action.
According to popular crypto analyst World of Charts, that breakout sent Floki’s value surging over 30% from that bullish pattern that began on May 13. If the trend holds, maybe it will make it all the way to where traders can see an accumulated price hike of some 150% in the long weeks or even months ahead.
Projections continue to be optimistic, as on FLOKI’s daily chart, there is a 6% rise in the last 24 hours, exchanging hands around $0.0002241 and boasting a market capitalization well above $2.18 billion. Conversely, data from Santiment indicates that FLOKI-weighted sentiment remains pretty low and highlights how bearish sentiment has been controlling the token.
However, if FLOKI manages to pick up from its bull rally, the minimum target for the memecoin will be around $0.00025 before the end of the week. A reversion in price would be realized in a bearish case below $0.00018 to around $0.00017.
Algotech Pre-Sale Raises $1M in Single Day
While memecoins continue to fight it out, another project has made an impressive splash in the world of crypto. Algotech, a decentralized algo trading platform for cryptocurrencies, has raised over an incredible $1 million in just 24 hours during its presale.
Algotech’s presale, currently in the 4th and last bonus stage, has raised a total of $5.6 million. It has attracted a lot of interest, besides signaling which direction the market takes concerning its desire for innovative trading solutions that harness the power of leading-edge technologies such as artificial intelligence and machine learning.
Algotech aims to change the landscape for both trading by providing powerful, automated trading strategies specifically designed for changing markets. The platform combines superior algorithmic analytics and industry knowledge that is expert under one roof, making it in such a way that it can empower any trader toward supreme trading potential and steady profitability.
The strong technological backing of this platform makes it possible to handle vast amounts of trading, quick execution times, and extremely low latency. In addition, such advanced risk-management strategies do not let potential losses in trades appear but, on the contrary, promote good trading results.
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Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or project mentioned in this piece; nor can this article be regarded as investment advice. Please be aware that trading cryptocurrencies involve substantial risk as the volatility of the crypto market can lead to significant losses.
