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Floki rises by 23% after Bitcoin’s jump over $70k – What subsequent?
Floki rises by 23% after Bitcoin’s jump over $70k – What subsequent?

Written by Digital Info

June 5, 2024

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The value of the memecoin Floki (FLOKI) has experienced a significant surge in the past 24 hours, propelled by Bitcoin’s (BTC) rally beyond the $70,000 mark.

At the time of this analysis, Floki was trading at $0.00033, showcasing a remarkable 23% price surge within the previous day. According to CoinMarketCap, FLOKI stands out as the only asset among the top five meme coins by market capitalization to exhibit a double-digit price increase during this period.

The surge in FLOKI’s trading activity over the past 24 hours has led to a notable spike in its trading volume, reaching $1.2 billion during this timeframe, marking its highest level since May 29th, as per Santiment’s data.

Furthermore, Floki has been a prominent subject of discussion across various social media platforms, as evidenced by the increase in its social dominance, as reported by Santiment. This metric measures the ratio of discussions related to a specific asset compared to the total discussions about the top 100 cryptocurrencies by market capitalization.

With a social dominance of 0.98% at the current moment, FLOKI’s social presence indicates that conversations about the memecoin constitute nearly 1% of the overall discussions within the top 100 cryptocurrencies, signaling a notable level of interest in Floki compared to its peers.

This heightened interest is also reflected in the increased whale activity surrounding FLOKI during the review period. Santiment data reveals that the number of FLOKI transactions valued above $100,000 conducted in the last 24 hours has surged to 86, marking a significant 115% increase from the 40 transactions recorded on June 4th.

An analysis by AMBCrypto of some of FLOKI’s key technical indicators suggests the potential for further growth in the meme coin’s value in the short term. For instance, the Relative Strength Index (RSI) has trended upwards, registering a value of 71.94 at the time of assessment, indicating that market participants have been buying more FLOKI than selling.

Additionally, the Chaikin Money Flow (CMF) for FLOKI has remained above the zero line at 0.06, confirming the surge in demand for the meme coin. The CMF, which tracks the momentum of capital inflows and outflows in the token’s market, signifies market strength when above zero, indicating increased liquidity inflow into the market.

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