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Memecoin ‘Contagion’ Will Spread to One Dogecoin Rival, Says Crypto Trader – Here’s What He Means

source-logo  dailyhodl.com 28 February 2024 13:01, UTC

A closely followed crypto strategist believes that one memecoin’s latest rally indicates a Dogecoin (DOGE) rival is about to soar.

Pseudonymous analyst Inmortal tells his 206,500 followers on the social media platform X that dog-themed crypto asset Floki (FLOKI) is showing a similar pattern as DOGE rival Pepe (PEPE) before its recent rally.

“FLOKI will follow PEPE. You know, contagion.”

Source: Inmortal/X

The trader’s chart suggests that PEPE could soon break through its December high of around $0.00000175. The chart also shows that FLOKI is on track to print a similar price pattern and rally past its December high to around $0.0000490

FLOKI is trading for $0.0000512 at time of writing, up more than 18% in the last 24 hours, while PEPE is trading for $0.00000264, up more than 46% in the last 24 hours.

The trader is also predicting a massive rally for Ethereum (ETH) against Bitcoin (BTC) based on a historical price pattern.

“I don’t know how many times I’ve posted this chart, but I’m posting it again.”

Source: Inmortal/X

Looking at his chart, the trader suggests that ETH/BTC is forming a similar pattern in 2020 when the pair traded at the lower bound of a lengthy trading range before rallying to the upper bound. The current upper bound trading range is around 0.083 BTC ($4,736).

ETH/BTC is trading for 0.05689 BTC ($3,243) at time of writing, down more than 2% in the last 24 hours.

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