Floki rises by 23% after Bitcoin’s leap over $70k – What next?

• FLOKI’s price has risen by 23% in the past 24 hours.
• This rally comes after Bitcoin surged past $70,000.

The value of memecoin Floki [FLOKI] has surged by double digits in the past 24 hours, following Bitcoin’s [BTC] rally past the $70,000 price mark.

As of this writing, the memecoin was exchanging hands at $0.00033, with a 23% price surge in the past 24 hours.

According to CoinMarketCap, FLOKI is the only asset among the top five meme assets by market capitalization to achieve double-digit price growth during the review period.

FLOKI enjoys high social activity and whale attention

Due to the uptick in FLOKI’s trading activity in the past 24 hours, its trading volume has also climbed. Trading Volume totaled $1.2 billion during the same period, rising to its highest level since 29th May, according to Santiment’s data. 

FLOKI has also been a major topic of discussion across social media platforms. This was highlighted by the surge in its social dominance, per Santiment’s data. 

This metric tracks the ratio of discussions about a specific asset compared to the total discussions about the top 100 assets by market capitalization.

At 0.98% at press time, FLOKI’s social dominance showed that discussions about the memecoin accounted for nearly 1% of conversations around the top 100 cryptocurrencies.

This showed some level of interest in FLOKI compared to others. 

Source: Santiment

This interest was reflected in the uptick in FLOKI’s whale activity during the period under review.

According to Santiment, the number of FLOKI transactions valued above $100,000 completed in the last 24 hours has totaled 86. This marks a 115% jump from the 40 transactions recorded on 4th June.

Source: Santiment

Poised for more growth

AMBCrypto’s assessment of some of FLOKI’s key technical indicators hinted at the possibility of continued growth in the meme coin’s value in the short term.

For example, its Relative Strength Index (RSI) trended upward and returned a value of 71.94 at the time of writing. This suggested that market participants have bought more FLOKI than they have sold. 

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

Confirming the surge in demand for the meme coin, FLOKI’s Chaikin Money Flow (CMF) rested above the zero line at 0.06. 

Source: BNB/USDT on TradingView

This indicator tracks the momentum of money flows into and out of the token’s market. A CMF value above zero indicates market strength, as it signals increased liquidity inflow into the market.