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Why FLOKI has staggered despite network developments

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Why FLOKI has staggered despite network developments

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  • FLOKI’s price dropped by more than 12% over the last seven days. 
  • Market sentiment turned bearish, and indicators supported the sellers. 

Floki Inu [FLOKI] enjoyed a comfortable rally a few weeks ago, causing its market capitalization to shoot up. The uptrend also gave investors hope of the meme coin entering the top 100 club once again. 


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


However, things changed in the last seven days as the meme coin’s price dropped by double digits.

A happening week for FLOKI, indeed!

During the last 30 days, FLOKI’s price had rallied by more than 70%, which was among the highest in meme coins. Alongside this, the meme coin also announced quite a few updates, all of which also looked pretty promising for the token’s future. 

For starters, FLOKI launched TokenFi, a crypto and asset tokenization platform. With the help of its native crypto TOKEN, TokenFi hopes to make asset and cryptocurrency tokenization easier.

Apart from this, the meme coin also launched FLOKI staking, which was quick to gain popularity. As per the official website, within a week of the launch, there had been a total of more than 1.8 trillion FLOKIs staked.

Though these developments added immense value, FLOKI’s price witnessed a correction last week. According to CoinMarketCap, the meme coin was down by over 12% over the last seven days.

A possible reason for this could be the meme coin’s market sentiment. As per data analyzed by AMBCrypto via LunarCrush, bullish sentiment around FLOKI dropped by over 31% last week. This was accompanied by a substantial increase in its AltRank.

Source: LunarCrush

Will FLOKI recover soon?

Nonetheless, there was still hope of a recovery at press time, as the meme coin’s daily chart was green. FLOKI’s price surged by 4% in just the last 24 hours. At the time of writing, it was trading at $0.00003195 with a market cap of over $303 million, making it the 111th largest crypto.

A look at its market indicators provided a better understanding of what might be expected from it.


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


Most indicators suggested that sellers were ahead in the market. This was evident from MACD’s bearish crossover. Moreover, FLOKI’s Relative Strength Index (RSI) also registered a downtick.

The meme coin’s Chaikin Money Flow (CMF) remained below the neutral mark as well, which could stop FLOKI’s price from going up.

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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