- FLOKI’s price decline was accompanied by a rise in trading volume and negative sentiment.
- The performance of Dogecoin has been better than other memecoins in terms of price action.
Another arm of Binance, namely Binance TR has listed Floki Inu [FLOKI]. This will further help in boosting FLOKI’s adoption as it is now available to a larger investor base. Last month, Binance’s U.S. arm announced the listing of FLOKI, which was followed by a massive show.
? @RealFlokiInu $FLOKI is listed on @BinanceTR
✅ Trading Pair: #FLOKI/TRY
Floki ecosystem consists of a Play-to-Earn game, FlokiFi, Floki prepaid card (Visa/Mastercard) as well as #NFT collections & marketplaces
Trade?https://t.co/DpoxLW5cU5#Memecoin #NFTs $BNB #BNBswap pic.twitter.com/tFPox2Qma6
— BNB Swap (@BNBSwap) May 24, 2023
How much are 1,10,100 FLOKIs worth today
History isn’t repeating itself this time
When Binance.US listed FLOKI, its price showed unprecedented growth as the token increased by more than 40% in just 24 hours. Binance also played its part in maintaining the hype around FLOKI through its social media handle by posting an engaging tweet.
Hey @RealFlokiInu community, let's have some fun!
Got a #FLOKI meme? Share your favorites with us ?$FLOKI pic.twitter.com/FWwZYehpdN
— Binance.US ?? (@BinanceUS) April 25, 2023
However, the scenario turned out to be different this time, as FLOKI’s response was not on par. The memecoin failed to paint its chart green; rather, its price dropped.
According to CoinMarketCap, FLOKI’s price plummeted by more than 8% in the last 24 hours. At the time of writing, Floki Inu was trading at $0.00003014 with a market capitalization of over $293 million, making it the 105th largest crypto by market cap.
Floki Inu’s metrics are concerning
What raised alarms was a massive surge in FLOKI’s trading volume while its price plummeted. As per CoinMarketCap, FLOKI’s 24-hour trading volume had increased by over 30%, which legitimized the downtrend. This was also accompanied by a surge in negative sentiment, which was a negative signal.
Source: Santiment
Moreover, the memecoin’s daily active addresses registered a considerable decline over the last week. Its network growth also sank, suggesting that only a few addresses were transferring the memecoin.
Source: Santiment
Indicators revealed what went wrong
A look at FLOKI’s daily chart pointed out quite a few indicators that might have contributed to this downtrend. The MACD displayed a bearish edge in the market.
FLOKI’s Chaikin Money Flow (CMF) registered a sharp downtick. In addition to that, FLOKI’s Relative Strength Index (RSI) was also resting under the neutral mark, which was all bearish.
Source: TradingView
Realistic or not, here’s FLOKI’s market cap in BTC‘s terms
How is the meme battle faring?
The entire memecoin space has been under pressure of late as it struggles to climb up the price ladder. Pepe [PEPE], which has made quite a wave in recent weeks, also failed to perform well.
As per CoinMarketCap, PEPE’s price registered a 24-hour decline of over 5%. However, among all the memecoins, Dogecoin [DOGE] fared comparatively better, as its price only went down by over 1% in the last 24 hours. At press time, DOGE was trading at $0.07047 with a market cap of more than $9.8 billion.
