- FLOKI is hitting weekly lows, making it tough to keep HODLers holding strong
- So, what does it need to finally break out?
Over the last two months, FLOKI has been experiencing a gradual drop. Presently, it is only 12% higher than its price on election day. After a significant decrease of over 80%, only about 6,980 wallets are still showing profits since the “Trump pump” started.
It seems that investors are moving away from a long-term holding strategy. But as the market starts to recover and move back up, should we rethink our decision to hold on?
A need for an incentive
The number of FLOKI addresses has reached an unprecedented 88,080, marking a 8% increase from 80,900 two months ago. Despite this moderate growth, the memecoin experienced a staggering surge of 124%, jumping from its Election Day starting price of $0.000125, primarily due to the Trump effect.
For the same duration, approximately billions of FLOKI tokens were sold daily, indicating that large investors (whales) were primarily responsible for the increase. Now, 72% of all available FLOKI is controlled by just ten significant investors. With these whales being relatively inactive lately, it’s not surprising to see FLOKI experiencing a steep drop.
From a memecoin perspective, I’ve found that FLOKI relies heavily on excitement or “hype.” It’s putting in extra effort to create this buzz, as evident from its listing on Arkham, the launch of its own debit card, strategic partnerships, and practical applications. Yet, what stands out is the underwhelming effect it’s had on HODLers’ sentiments.
As an analyst, I’ve noticed a significant decrease in FLOKI’s trading volume over the past 24 hours, dropping by approximately 31.99% to reach $138.02 million. Despite its Relative Strength Index (RSI) being deeply oversold, there appears to be minimal “dip” buying activity. Consequently, FLOKI is currently trading well below its peak value on Election Day, which was $0.000280.
Should this pattern persist, approximately 6,980 addresses containing roughly 565,890,000,000 FLOKI tokens (initially bought for $0.000153 each) might find themselves in a disadvantageous situation. With minimal motivation to keep them, it could appear that selling off may be the wiser choice.
So, what’s next for FLOKI?
The solution can be found within its own ecosystem – It’s time for major players to re-enter the fray. Although there has been a market-wide revival, meme-based cryptocurrencies haven’t experienced the same surge in bullish momentum. In reality, several popular memecoins are either stagnating or trading significantly below their past psychologically significant levels. Without a doubt, FLOKI falls into this latter group.
On the contrary, the current consolidation of Dogecoin might actually benefit other meme coins. Being the most prominent meme coin, Dogecoin’s stability could attract investors once more to the meme coin market.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
In other words, while this is only a short-term solution, the significant ten addresses should take advantage of any price drops for a robust recovery. It’s worth monitoring closely in the upcoming days.
If they decide to act, it could create a significant surge in popularity (or “hype”). Conversely, if they choose not to, maintaining ownership of the memecoin could prove difficult, as there’s a possibility of a large-scale sell-off involving approximately 570 billion FLOKI.
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2025-01-16 17:49