Decoding Floki Inu’s [FLOKI] movement after Binance.US listing
- FLOKI became the most traded meme token on the KuCoin last day (25 April).
- However, FLOKI’s price and volume both declined after a brief success.
It has been a day since Binance’s U.S. arm listed Floki Inu [FLOKI], which caused a massive surge in its price. The meme token’s value went up by more than 40%, as the new listing news broke out. This allowed FLOKI to enter the list of the top 100 cryptos by market capitalization.
#Floki continues to trend on Twitter! 🔥$FLOKI is trending alongside the amazing #BinanceUS exchange which just listed us as well as alongside #Dogecoin and #Terra!
Floki is the people’s movement! pic.twitter.com/vxiDeu5fgw
— FLOKI (@RealFlokiInu) April 25, 2023
It’s not much of a surprise that the pump sparked excitement in the crypto community, which made the token trend on Twitter. However, the uptrend was short-lived, as FLOKI’s price witnessed a decline soon after.
An episode worth watching
In its brief price success, FLOKI enjoyed the gains and outperformed the rest of the memecoins. As per the tweet attached below, FLOKI was the most traded meme token on KuCoin, with a volume higher than Dogecoin [DOGE], Shiba Inu [SHIB], and other memecoins combined.
#Floki is currently the third most traded #crypto on top exchange #Kucoin — only ranking below $BTC and $ETH.$FLOKI is also the most traded #memecoin on Kucoin, with more volume than $DOGE, $SHIB, and every other memecoin listed on Kucoin COMBINED!
This is on the heels of… pic.twitter.com/OoOmpNWhXL
— FLOKI (@RealFlokiInu) April 25, 2023
In addition to that, FLOKI’s perpetual trading volume surpassed $770 million in the last 24 hours. As per LunarCrush, things turned massively bullish for FLOKI as it hit the #1 LunarCrush AltRank on combined social and market activity.
BREAKING: FLOKI HITS #1 ALTRANK™
On news that $FLOKI is trading on #BinanceUS, #floki has now hit the #1 LunarCrush AltRank™ on leading combined social + market activity.
24-hour activity
Price +51.127% to $0.00004288
Social volume 28,448
Social engagements 118,416,153… pic.twitter.com/3QYlWMvca6— LunarCrush (@LunarCrush) April 24, 2023
Floki Inu’s price lured in new investors
During the gain period, 24-hour active addresses shot up considerably. This indicated that more investors were willing to trade FLOKI. Furthermore, its network growth also went up. Thus, suggesting new addresses participated in transferring the token.
Source: Santiment
Investors remained confident in FLOKI, which was evident from the rise in its weighted sentiment metric. However, the MVRV registered a decline.
Source: Santiment
Things were quick to change
However, things soon turned bitter for FLOKI as the trend came to an end. Floki Inu’s growth halted, and its price registered a decline of more than 10% in the last 24 hours.
Not only the price, but its volume also went down by over 55%. According to CoinMarketCap, at press time, FLOKI was trading at $0.0000363 with a market capitalization of over $352 million.
The bears will overtake soon
A look at FLOKI’s 4-hour chart revealed that the good time was coming to an end as several indicators were in the sellers’ favor. For instance, the MACD displayed the possibility of a bearish crossover in the coming days.
The memecoin’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) went sideways. This development somewhat decreased the chances of an unprecedented surge anytime soon.
Source: TradingView
This article originally appeared here.
Credit: Source link
