Meme coins are gearing up for a major breakout, especially with the spot ETH ETFs set to start trading by next week.
Unsurprisingly, Floki is showing the most strength and appears poised to push towards new highs.
The meme coin is already up 5% over the past 24 hours and is currently trading at $0.00015 with a market capitalization of $1.4 billion.
Following in the footsteps of Floki, a new P2E meme coin – Shiba Shootout – is also seeing significant demand and has already raised nearly $600k in its presale. Some analysts are even hinting at it being the next 100x meme coin.
Floki Price Forms Double Bottom – New All-Time High In July?
Floki has formed a double bottom in its daily time frame, one of the most bullish structures for altcoins.
As long as the meme coin continues to hold above the $0.00015 support, it appears set for multiple green candles over the coming days.
The bulls would also like to secure a daily close above the 200-day Exponential Moving Average, which currently stands at $0.000153. Experts believe that a flip of this resistance level could kickstart a gap-fill move towards the 100-day Simple Moving Average, which is currently hovering at $0.000194. This would mean an upside move of nearly 27% over the coming days.
Several other bullish structures in the Floki price chart are hinting at a major uptick in its price. For instance, the meme coin is currently at the upper trendline of a descending channel in the 4-hour timeframe.
There are additional fundamental reasons behind the optimism surrounding Floki. For instance, the meme coin operates as an ERC-20 token on the Ethereum blockchain and a BEP-20 token on the BNB Smart Chain.
Floki has acted as a leveraged ETH over the past year, delivering significantly higher returns in the same direction.
Now, the spot Ethereum ETFs are set to start trading by mid-July, which could result in ETH skyrocketing towards its all-time high. This scenario provides the ideal backdrop for Floki to deliver outsized returns, starting from July itself.
The only key that remains is for Bitcoin to show bullish strength as well. With the German government running out of its BTC holdings, in addition to the strong daily inflows recorded by spot BTC ETFs, Bitcoin could be on the cusp of a major recovery.
Could Shiba Shootout Be The Next To Explode?
Shiba Shootout is a new play-to-earn meme coin that is in high demand from retailers and smart money investors alike.
In fact, analysts such as Michael Wrubel – who has over 312k subscribers on YouTube – have backed it as the next 100x meme coin.
Notably, Floki’s success is, in part, due to its Metaverse game, Valhalla. Along similar lines, Shiba Shootout is launching its own play-to-earn game, giving a Wild West twist to the popular Shiba Inu dog.
The new meme coin is offering a wide range of utility to its holders, including attractive staking rewards, currently at a rate of over 1700%. Other perks include Posse Rewards – which is Shiba Shootout’s refer-to-earn program – and Lucky Lasso Lotteries.
The project is also set to organize Campfire Stories sessions, in which investors can earn big crypto prizes simply for sharing their wildest meme coin experiences.
Unsurprisingly, SHIBASHOOT has already raised $600k in its ongoing presale, a sign of its early adoption.
Considering that the meme coin is quickly selling out in its presale, interested buyers have a limited window to buy it at its discounted price. They can visit the Shiba Shootout website and use the over-the-counter widget to buy the token.
