FLOKI’s price continues to decline, trading 3.98% lower amid bearish market conditions.
Despite having airdropped the new meme coin Simon’s Cat (CAT) on the leading exchanges such as Binance and OKX, the price of Floki Inu (FLOKI) continues to suffer in the bearish market. The latest trade saw the FLOKI token selling at around $0.0001230, which is 3.98% less than the previous level, as demonstrated by TradingView.
The airdrop was based on distributing CAT tokens to FLOKI holders who had a certain amount of tokens. This made it easier for users as no active claims or wallet connections to external sites were needed. However, the introduction of a new token is not enough to boost FLOKI’s price as it only trades at 10% higher than the recent low near $0. 00011.
Markets Resistances and Price Outlook
The price of FLOKI has faced significant challenges due to resistance at the 50-day moving average (DMA), which implies bearish pressure from the market. This technical resistance shows the current challenge of FLOKI in achieving an upward trend. At the present time, the price is trading near the recent lows and is likely to consolidate below $0.00010.
This bearish sentiment in the FLOKI market stands in contrast to the overall cryptocurrency market, which is also under pressure, as depicted by widespread selling pressure that has impacted leading cryptos. However, some analysts still believe that FLOKI has a chance of recovery due to institutional investors’ backing and a possible technical breakout pattern.
New Entrants and Market Trends
However, as FLOKI continues to struggle, focus has turned to other meme coins, including Shiba Shootout (SHIBASHOOT). Shiba Shootout, a play-to-earn game with a Wild West theme, has already claimed its place in the market with the launches on both Google Play and the Apple App Store.
The project’s initial coin offering (ICO) of the SHIBASHOOT token has been reported to have attracted more than $1.1 million, which shows the high level of interest from investors and the potential of the market.
The SHIBASHOOT project has assigned nearly half of its token supply for the presale and staking rewards, with an APY of about 858%. This has enabled SHIBASHOOT to emerge as a potential contender in the play-to-earn sector while also offering investors an opportunity to earn passive income through crypto investments.
