Influential cryptocurrency trader Glauber Contessoto, popularly known as SlumDOGE Millionaire, predicted a bullish future for Floki (CRYPTO: FLOKI) on Sunday, describing it as the “most undervalued.”
What Happened: In an X post, Contessoto emphasized that FLOKI, being the “biggest meme coin” on BNB Chain (CRYPTO: BNB), shouldn’t be taken lightly.
With a total of 449,070 holders, FLOKI was indeed the largest meme coin on the BNB Chain, though its Ethereum (CRYPTO: ETH)-compatible version also exists.
The trader also discussed the potential of the biggest meme coins on major blockchains, saying, “The biggest meme coin on every major blockchain does numbers when the market goes up, especially on the 4th year of each crypto cycle.”
“Out of the top 3 major blockchains with meme coins – FLOKI is currently the most undervalued of all right now,” Contessoto asserted.
The Bitcoin (CRYPTO: BTC) 4-year cycle, which consists of a halving event followed by periods of bull and bear markets, has been talked about and debated significantly over the years. However, some analysts believe the trend has become obsolete and a new market structure shaped by exchange-traded funds and macroeconomic trends has replaced it.
Notably, Contessoto gained fame for his early belief in Dogecoin (CRYPTO: DOGE), claiming that he went from being a struggling music producer to a millionaire in 69 days.
See Also: Cathie Wood Believes Most Memecoins Will Face ‘Fearsome Declines,’ But They Could End Up Becoming Collector’s Items
Why It Matters: Contessot previously encouraged his followers to seize opportunities presented by market corrections and grab “conviction plays” like FLOKI. However, since that endorsement, the canine coin has fallen over 30%.
The Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Neutral” signal for FLOK, according to TradingView. However, the Momentum indicator, which compares the short-term price and long-term price, flashed a “Sell” signal, suggesting that a correction might happen soon.
Price Action: At the time of writing, FLOKI was exchanging hands at $0.00006483, up 3.43% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has plunged over 63%.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
