- Positive sentiment and interaction surrounding Floki Inu has increased significantly over the past few days
- However, despite the sharp rise in prices, holders remained unable to make profits.
Once upon a time, Flowkinu [FLOKI] While other meme coins entered the market and flooded social media platforms with hype, others were left behind. But recent data suggests this may finally be changing.
Rise in popularity
According to LunarCrush data, FLOKI dominates the space in terms of social activity. With the exception of Solana, meme coins outperformed all other coins in this space. In the past 24 hours, positive sentiment towards the altcoin has increased by 89%. Additionally, the number of interactions FLOKI was having on social media platforms also skyrocketed.
Floki is a meme coin, so the success of the token depends on its popularity on social media.
Source:X
Looking at the price
The surge in activity on social media platforms has caused the price of FLOKI to rise significantly. In the past 24 hours alone, FLOKI’s price has increased by his 6.19%. However, this price increase did not lead to a bullish trend. In fact, since March 28th, FLOKI’s price has been falling on the charts. After the price drop, FLOKI continued to make new lows and highs. This indicates a bearish trend.
For FLOKI to reverse the trend and rise again, its price will have to break through the $0.00020873 level in the future. It would take significant bullish momentum to do the same. FLOKI’s RSI (Relative Strength Index) rose to 51.4, but the increase was not large enough to make a big move.
Furthermore, the CMF (Chaikin Money Flow) of the token has also declined, indicating increasing selling pressure on the FLOKI market. It remains to be seen whether FLOKI’s price will succumb to selling pressure.
Source: Trading View
What do you think, Holders?
A major factor contributing to token selling pressure is address profitability. If holders can make a profit in a very short period of time, they are more likely to sell their holdings. That was not the case with FLOKI.
AMBCrypto analyzed Santiment’s data and found that FLOKI’s MVRV ratio has declined and most holders have not yet realized profits. This means FLOKI prices could spike further before holders indulge in profit-taking, triggering a correction thereafter.
Realistic or not, FLOKI market cap in BTC terms is:
Source: Trading View
