FLOKI’s 7% price uptick sparks interest, but will it last?

FLOKI’s popularity across social media platforms grew materially in the last 24 hours.
The price of FLOKI witnessed an uptick, however, network growth continued to fall.

Recently, Dogewhiz[WIF] has gained significant attention in the meme coin marketplace. Consequently, tokens like Flokinu[FLOKI] have been overshadowed. Yet, with the hype surrounding WIF starting to settle down, there’s been a surge of interest towards FLOKI instead.

FLOKI regains popularity

Based on LunarCrush’s findings, there was a notable surge in sentiment towards FLOKI. Additionally, social activity surrounding FLOKI grew considerably. As a result, FLOKI surpassed WIF, DOGE, and BONK in terms of overall activity and took the leading position.

The price of FLOKI experienced a significant increase of 7.17% over the past 24 hours, despite favorable social metrics. However, the memecoin failed to change its downward trajectory.

Starting from the 14th of March, the price of FLOKI dropped by nearly one-third (30.51%) after touching $0.00030927. This downward trend was evident as the price formed successive lower lows and lower highs.

If FLOKI manages to rise above the $0.0002558 mark, there’s a chance it could disrupt the ongoing bearish trend and potentially lead to an upturn. However, with an RSI of 65.14, FLOKI is showing signs of being overbought, implying that it may have reached a point where it’s due for a correction or pullback.

Based on current indications, it’s possible that FLOKI‘s price has increased at an unsustainable rate and might experience a decline in the short term.

In addition, a CMF reading of -0.01 indicates feeble buying power, possibly in line with the current bearish trend.

Looking at the data

A potential obstacle for FLOKI‘s expansion is the decreasing number of users joining its network. According to AMBCrypto’s examination of Santiment’s statistics, the user base for FLOKI has been shrinking significantly over the past few days.

This meant that new addresses weren’t showing too much interest in the FLOKI token.

Additionally, the speed at which the FLOKI token was moving had decreased, suggesting that the token was being traded less frequently.

The recent rise in FLOKI‘s price might be due to older investors purchasing larger quantities of the cryptocurrency.

Realistic or not, here’s FLOKI market cap in BTC‘s terms

Although building up supply in this manner may cause a price increase in the immediate future, additional participants joining the market are essential for maintaining such a rally.

The MVRB (Market Value Realized to Market Value Ratio) of FLOKI had dropped, even though its price increased. This suggested that the majority of investors were still underwater on their investments and might not be able to realize a profit just yet.

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2024-04-09 05:11