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Dogwifhat’s (WIF) rise to prominence in the meme token sector has left tokens like Floki Inu (FLOKI) trailing. However, as the excitement around WIF stabilizes, the overall interest in FLOKI has also increased. According to LunarCrush’s data, sentiment towards FLOKI has significantly improved. Moreover, the general social activity surrounding FLOKI has also increased.
FLOKI’s Rise
FLOKI has climbed to the top, leaving behind WIF, DOGE, and BONK. These factors have contributed to a rise in the token’s price. In the last 24 hours, FLOKI’s price has increased by 7.17%. Social metrics support FLOKI, but they have not reversed the meme token’s current downtrend.
Since testing the $0.00030927 level on March 14, FLOKI’s price has fallen by 30.51%. During this period, FLOKI’s price has shown multiple lows and lower highs, forming a downtrend. To break the current downtrend and spark a turnaround, FLOKI needs to surpass the $0.0002558 level. Moreover, the Relative Strength Index (RSI) for FLOKI has reached 65.14, indicating slightly overbought levels. This could suggest that FLOKI’s price may have risen too quickly and a potential correction could be on the horizon.
Santiment Reports
Additionally, the Chaikin Money Flow (CMF) has reached levels of -0.01, indicating continued weak buying pressure, which could be consistent with the ongoing downtrend. Another factor that could hinder FLOKI’s growth is a decrease in network growth. According to Santiment data, FLOKI’s network growth has declined in the last few days, which could mean that new addresses are not showing much interest in the FLOKI token.
Furthermore, the velocity of the FLOKI token has also decreased, suggesting a reduction in the frequency of transactions. While such accumulation in the cryptocurrency might help the price appear green in the short term, sustaining such a rise might require new addresses. In addition, FLOKI’s Market Value to Realized Value (MVRV) ratio has shown a decline despite the increase in price. This indicates that most investors are still at a loss and may have to wait before selling their assets for profit.
