- FLOKI whales added 30 billion tokens to their holdings in May, boosting the meme coin’s price by 11% in a single day.
- FLOKI’s on-chain metrics, including active addresses and social dominance, signal strong growth and potential for further gains.
In a significant development for the cryptocurrency market, Floki Inu (FLOKI) experienced an 11% increase in value on Tuesday, extending its impressive seven-day gain to over 40% on Binance. This surge has been driven by substantial accumulation from large wallet holders, who added a whopping 30 billion FLOKI tokens to their holdings throughout May.
FLOKI Bullish On-Chain Metrics
The rally in FLOKI’s price is underpinned by robust on-chain metrics that indicate growing interest and activity among traders. According to data from the crypto intelligence platform Santiment, key indicators such as active addresses and social dominance have shown substantial growth. Specifically, the number of active addresses almost doubled from 3,650 at the start of May to 7,080 by the 28th. Concurrently, social dominance, a measure of FLOKI’s visibility and engagement across social media platforms, surged from 0.0767% to 0.4953%.
These metrics paint a bullish picture of Floki Inu (FLOKI), suggesting that the meme coin is not just a fleeting trend but a token of considerable interest and potential within the cryptocurrency community.
FLOKI Impressive Performance and Future Outlook
Labeled as part of the “meme coin supercycle” by market participants, FLOKI has mirrored the gains of other high-profile meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and PEPE (PEPE) since the beginning of 2024. FLOKI’s price reached an all-time high of $0.000314 on Binance early Tuesday, and it currently stands at $0.000309, marking an 11.16% increase for the day.
The token’s recent rally suggests further potential upside. If FLOKI achieves a daily candlestick close above its May 27 high of $0.000290, it could target an 18% increase, aiming for the 127.2% Fibonacci extension of its rally from April 13’s low of $0.000109 to its recent all-time high.
Technical Indicators Support Continued Uptrend
Technical analysis reinforces the bullish outlook for FLOKI. The Moving Average Convergence Divergence (MACD) indicator, a key tool for identifying trends and momentum, shows positive signals. The green histogram bars above the neutral line and the MACD line crossing over the signal line on April 22 indicate underlying positive momentum in FLOKI’s uptrend.
Conclusion
FLOKI’s recent performance highlights the growing influence of meme coins in the broader cryptocurrency market. With substantial whale accumulation, rising on-chain activity, and strong technical indicators, FLOKI appears well-positioned to continue its upward trajectory. As the meme coin supercycle unfolds, investors and traders will be closely monitoring FLOKI’s progress, potentially leading to further gains in the near future.