Floki has rallied 7.5% this week as many other major cryptocurrencies break even.

Similarly, Play-to-Earn (P2E) meme coin Shiba Shootout is garnering attention as its presale raise clears $1 million.

Floki Price Booms As Ecosystem Continues to Build

There are thousands of meme coins on the market, and most compete for the lowest-hanging fruit with zero utility outside of “good vibes.”

They thought the Dogecoin and Pepe blueprint would work – but as they’re discovering – there’s only room for a few long-term runners in that race.

Projects like Floki and Shiba Inu are well aware of this and distinguish themselves with utility.

Last cycle, Shiba Inu led the way among “alt” meme coins, thanks to its promises of a metaverse, NFTs, and a decentralized exchange.

Unfortunately, many of its developments flopped, but that has not been the case for Floki.

The project keeps hitting home runs, and investors are taking note – its price is up 7.5% this week.

Meanwhile, DOGE is up 2.9%, SHIB is at breakeven, and Pepe is down 1.3%.

But it’s not just relative strength against its peers drawing attention.

Analyst Sleek Crypto believes Floki is currently in the process of breaking above a key resistance, which would enable high time frame gains.

$FLOKI

About to breakout pic.twitter.com/8QBkKG5KBy

— SleekCrypto (@TheCryptoSleek) September 8, 2024

Meanwhile, Corné Marchand says it is “looking strong” while “holding crucial support and forming a higher low.”

According to the analyst, Floki will reverse from this support zone and commence an uptrend.

$FLOKI looks pretty strong here. Holding crucial support and forming a higher low.

Who’s long on