As Bitcoin (BTC) leads a fresh bullish rally, Floki Inu managed to secure up to 26% in gains.
The memecoin has now outperformed other leading rival memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Floki Inu has outperformed rival memecoins in the ongoing cryptocurrency rally led by Bitcoin. The memecoin has built momentum over the past weeks, which has resulted in its upsurge to commendable levels. Within the last 24 hours, Floki Inu snagged 16% worth of gains.
These gains are notably higher than rival memecoins, particularly Dogecoin (DOGE) and Shiba Inu (SHIB).
According to our data, Floki aInu is trading at a press time price of $0.00002733. Trading volume has notably surged by more than 120% at report time. On the other hand, rivals memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) are in the red zone as hourly losses increase. However, it is worth noting that both memecoins have collectively raked in more than 24% worth of weekly gains.
Floki Inu’s recent price gains can be linked to Bitcoin’s bounce back. Although some market players are still wary of market volatility, others believe Bitcoin can sustain the bullish momentum. The apex cryptocurrency has seen its weekly gain surge by 18% while prices surpass the $30,000 price mark.
Prominent market participant speaks on the current state of the crypto market.
Speaking on the current state of the cryptocurrency market, prominent investor Adam Cochran took to Twitter to explain that the ongoing market rally is one of the most sustained rallies the market has recorded in a while. Cochran asserted.
When you buy crap, you put in a top. Bitcoin and ETH claw up on spot buying = most sustained rally we’ve had in ages pushing many levels. Profits rolled into forks, alt L1s and memecoins = overleveraged = force selling of contracts = forced selling of spot.
He further stated that when market players go long on altcoins like Bitcoin Cash (BCH), Pepecoin (PEPE), and Floki Inu (FLOKI), it’s a signal to cut from long to flat. “You banked profits on BTC but greed and hubris took over and you tried to cycle. You always pay for that.” He added.
The investor believes the market must focus on rinsing and retesting unless the market sees an influx of external capital. Adam Cochran wrote in a follow-up tweet:
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Markets are zero sum, so if everyone is betting in one direction, on all things, you go the other way. In trading, your desire for more is what makes topss…..The best lesson in all of this, is when you feel the FOMO, or when you’re excited for more and you start to look to branch to more opportunities, cut and sell. As it may not be instant, but an OI rinse is lurking out there somewhere waiting to teach you a lesson in hubris.
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