- FLOKI’s price dropped by more than 25% in the last seven days.
- A bullish pattern appeared on the memecoin’s chart, hinting at a recovery.
As a seasoned researcher with a knack for deciphering the cryptic world of digital assets, I have to admit that FLOKI’s recent performance has been a rollercoaster ride. The steep drop in its price over the last seven days and the appearance of a potential bullish pattern on its chart has left me intrigued yet cautious.
This year, meme coins such as FLOKI have experienced brief price surges, often seen as positive indicators at first glance. However, upon examining the overall trend, there were some areas of potential worry.
As a researcher, I aimed to delve deeper into FLOKI’s performance to ascertain the potential for this memecoin to rebound from previous setbacks.
FLOKI’s dark year
Reflecting on my recent exploration of the cryptocurrency market, I came across a tweet from Lookonchain showcasing the performance of top memecoins throughout the past year. Interestingly, it was revealed that FLOKI experienced a significant decline in value, with its price dropping over 65%.
Besides FLOKI, popular meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced a significant drop in value, with their prices decreasing by approximately 57% and 70% respectively.
Over the past year, the top 10 meme coins have dropped an average of 63.73% from their peak.
According to CoinMarketCap’s findings, bears have maintained control during the past week, leading to a drop in the value of memecoins by more than 25%. In just the last day, this decrease extended even further, with the value of these memecoins falling over 7% as well.
Currently, FLOKI is being traded at approximately 0.0001157 USD, and its total market value exceeds 1.11 billion dollars.
The reduction in price negatively affected its social statistics, with the Weighted Sentiment decreasing. In other words, unfavorable opinions about the meme coin were more common than favorable ones.
Will FLOKI recover in 2024?
Next, AMBCrypto examined the attitudes of investors towards FLOKI to determine if there was potential for a future rise within the upcoming weeks.
According to our examination, there was a significant surge in demand to sell the memecoin. This trend became apparent through a dramatic increase in its availability on trading platforms and a decrease in its holdings away from exchanges.
The fact that investors were selling was further proved by the spike in its exchange inflow.
Moreover, it appeared that the whales weren’t very confident in FLOKI, since the amount of supply held by large wallets decreased.
Our look at Hyblock Capital’s data revealed that at press time, FLOKI’s whale vs. retail delta had a value of 51. This also meant that whales were not having much exposure in the market.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Based on our assessment of the memecoin’s daily price trend, it seems that if the current downtrend continues, the coin could potentially drop to around 0.00008 USD. Interestingly, a potential reversal pattern, known as a falling wedge, has emerged in its chart.
If a bullish surge occurs, FLOKI could initiate its upward trend. A successful bullish breakout could first help FLOKI regain the price point of $0.00015, followed by further advancements towards $0.0002 and eventually $0.0003 over the next few weeks.
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2024-09-02 21:12