Cryptoanalyst Master Kenobi has provided an update on his FLOKI Master Plan. The analyst revealed that his initial analysis had been invalidated and mentioned what was in store for the Shiba Inu competitor with this development.
FLOKI's master plan is invalidated but it could be a good thing
Master Kenobi revealed in an x publication that the FLOKI Master Plan appears to have been invalidated. However, he believes this is actually good news and not bad news for the Shiba Inu competitor. He went on to explain why this is a good thing for the meme coin, providing reasons why FLOKI will surely thrive in this market cycle.
Firstly, the analyst noted that the world of cryptocurrencies has evolved beyond the narratives of DeFi, nft, Gaming and Metaverse and is now focused on memes. In line with this, he opined that meme coins will be the main narrative in this lockdown. He added that crypto projects seem more credible when they are simpler and embody humor, which is why he is banking on memes, including FLOKI, to thrive in this market cycle.
Master Kenobi then mentioned that FLOKI caught his attention with some key aspects. He alluded to the fact that the meme currency is the biggest meme in the world. BNB Ecosystem while highlighting that BNB is the only blockchain infrastructure that is “truly evolving.”
Aspects of the Meme coin that draw attention
The first aspect that the analyst identified is FLOKI's repetitive chart pattern. The second one that Master Kenobi mentioned is that the shiba inu The competitor appears to be one of the strongest meme coins on the Binance chain, if not the strongest. He cited the meme craze on Solana and how it helped elevate its ecosystem.
The analyst believes that something similar will happen on the BNB chain. He commented that BNB cannot afford to lose its position against SOL in terms of market capitalization. He added that BNB is well positioned to maintain its position on SOl from binance remains the leading centralized exchange (CEX).
However, Master Kenobi noted that BNB will also need an iconic meme, which is where FLOKI comes into play. He believes Binance has seen the need for a flagship meme coin, which is why it supports some meme projects, including FLOKI.
Related Reading: Shiba Inu Price Movements: Here's How Many Holders Now Have Profits or Losses After That Sharp Drop
With a dedicated team, a game ready for launch and a market capitalization of $1.25 billion along with the support of Binance, the analyst commented that the Shiba Inu competitor has all the “ingredients” to become a start in the next bull market.
As part of his previous FLOKI Master PlanMaster Kenobi had predicted that the meme coin would likely enjoy a price explosion on October 21. He said one reason that didn't happen could be the impending bull market, where “maximum volatility and unpredictability is preferred.” The analyst further predicted that the FLOKI price explosion could occur in mid-December, along with the explosion of Dogecoin and altcoins.
Featured image created with Dall.E, chart from Tradingview.com
