Why Floki’s rally might end soon despite some good news
- Floki announced that its partnership with the World Table Tennis Championship went live.
- FLOKI was down by over 6% in the last 24 hours at press time.
Floki Inu [FLOKI] recently dominated the BNB Chain [BNB] proving its worth as a project. In fact, despite being a memecoin, the token managed to also capitalize on the latest bull rally as its price rallied by double digits. However, the memecoin’s bull rally came to an end as its price dropped.
Realistic or not, here’s FLOKI market cap in BTC‘s terms
FLOKI is surpassing the rest
Floki recently posted a tweet highlighting the meme coin’s latest achievement. As per the tweet, the meme coin dominated the rest of the gaming projects on BNB Chain. In fact, Floki’s volume was four times that of SAND, MANA, and AXS.
— FLOKI (@RealFlokiInu) October 24, 2023
Apart from that, Floki also announced that its partnership with the World Table Tennis Championship went live. The event happened in Frankfurt.
Apart from these developments, FLOKI also managed to lift its price substantially during the bull rally. In fact, its price rallied by more than 40% last week, which looked optimistic.
However, as per LunarCrush, despite the hike in its price, bearish sentiment around the memecoin surged by 141% last week. The hike in bearish sentiment finally started to show its effect on reality, as its daily chart was painted red.
According to CoinMarketCap, FLOKI was down by more than 5% over the last 24 hours. At the time of writing, it was trading at $0.00002499 with a market capitalization of over $237 million.
What to expect from Floki
A look at FLOKI’s metrics revealed what went wrong in the last 24 hours. Its MVRV ratio dropped steeply over the past few hours. Its 1-day Price Volatility also fell at the same time. Its Daily Active Addresses dropped slightly, meaning fewer addresses were active.
Nonetheless, a positive metric was its Development Activity, which remained relatively high. A high Development Activity reflects increased efforts from the developers in improving the network.
How much are 1,10,100 FLOKIs worth today
The chances of the memecoin’s price plummeting further were high. Its price touched the Bollinger Band upper limit. Its Relative Strength Index (RSI) registered a decline from the overbought zone, which can further drop its price.
Nonetheless, the Chaikin Money Flow (CMF) registered an uptick, which was optimistic.