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Decoding Floki Inu’s [FLOKI] movement after Binance.US listing

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FLOKI once again lost its spot on the list of the top 100 cryptos by market cap. Market indicators suggest that bears have taken over. 
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Decoding Floki Inu’s [FLOKI] movement after Binance.US listing
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  • FLOKI became the most traded meme token on the KuCoin last day (25 April).
  • However, FLOKI’s price and volume both declined after a brief success.  

It has been a day since Binance’s U.S. arm listed Floki Inu [FLOKI], which caused a massive surge in its price. The meme token’s value went up by more than 40%, as the new listing news broke out. This allowed FLOKI to enter the list of the top 100 cryptos by market capitalization. 

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

It’s not much of a surprise that the pump sparked excitement in the crypto community, which made the token trend on Twitter. However, the uptrend was short-lived, as FLOKI’s price witnessed a decline soon after. 

An episode worth watching

In its brief price success, FLOKI enjoyed the gains and outperformed the rest of the memecoins. As per the tweet attached below, FLOKI was the most traded meme token on KuCoin, with a volume higher than Dogecoin [DOGE], Shiba Inu [SHIB], and other memecoins combined. 

In addition to that, FLOKI’s perpetual trading volume surpassed $770 million in the last 24 hours. As per LunarCrush, things turned massively bullish for FLOKI as it hit the #1 LunarCrush AltRank on combined social and market activity.

Floki Inu’s price lured in new investors

During the gain period, 24-hour active addresses shot up considerably. This indicated that more investors were willing to trade FLOKI. Furthermore, its network growth also went up. Thus, suggesting new addresses participated in transferring the token. 

Source: Santiment

Investors remained confident in FLOKI, which was evident from the rise in its weighted sentiment metric. However, the MVRV registered a decline.

Source: Santiment

Things were quick to change

However, things soon turned bitter for FLOKI as the trend came to an end. Floki Inu’s growth halted, and its price registered a decline of more than 10% in the last 24 hours.

Not only the price, but its volume also went down by over 55%. According to CoinMarketCap, at press time, FLOKI was trading at $0.0000363 with a market capitalization of over $352 million. 

How much are 1,10,100 FLOKIs worth today?   

The bears will overtake soon

A look at FLOKI’s 4-hour chart revealed that the good time was coming to an end as several indicators were in the sellers’ favor. For instance, the MACD displayed the possibility of a bearish crossover in the coming days.

The memecoin’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) went sideways. This development somewhat decreased the chances of an unprecedented surge anytime soon. 

Source: TradingView

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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