- FLOKI rallied 11% on Tuesday, extending its seven-day gains over 40% on Binance.
- The meme coin has noted accumulation from large wallet holders; 30 billion FLOKI were added to whale wallets in May.
- FLOKI’s on-chain metrics, social dominance and active addresses support recent gains in the meme coin.
Floki Inu (FLOKI) has noted a spike in on-chain metrics in May. The meme coin rallied alongside large market capitalization meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and PEPE (PEPE) this cycle.
On-chain metrics support FLOKI’s gains and the meme coin is likely to extend its rally.
FLOKI on-chain metrics paint bullish picture
The current cycle is labeled the meme coin supercycle by market participants for the massive gains in meme tokens since the beginning of 2024. FLOKI is one such token that rallied in double-digits in the past seven days, gaining over 43% on Binance.
At the time of writing, FLOKI price is $0.000309 and the meme coin has added 11.16% to its value on Tuesday.
FLOKI’s price rally is supported by the surge in on-chain metrics that help determine the state of user activity, interest and the token’s relevance among traders. Two key metrics, active addresses and social dominance, have climbed between May 1 and 28, as seen on the crypto intelligence tracker Santiment’s chart.
FLOKI’s active addresses nearly doubled from 3,650 to 7,080, and social dominance climbed from 0.0767% to 0.4953%. The increase in the two on-chain metrics supports the meme coin’s recent gains.
 [18.06.37, 28 May, 2024]-638524991162311244.png)
FLOKI price, social dominance and active addresses
FLOKI extends gains, rallies in double-digits
FLOKI hit an all-time high of $0.000314 on Binance early on Tuesday. The meme token is likely to extend gains by nearly 18% if FLOKI sees a daily candlestick close above May 27 high of $0.000290.
The target is the 127.2% Fibonacci extension of the rally from the April 13 low of $0.000109 to an all-time high on May 28 at $0.000314.
The Moving Average Convergence Divergence (MACD) indicator shows there is underlying positive momentum in FLOKI’s uptrend. The green histogram bars above the neutral line and the MACD crossing over the signal line on April 22 support a bullish thesis.
FLOKI/USDT 1-day chart
In the event of a decline, FLOKI could find support at $0.000270, the 78.6% Fibonacci retracement of the April 13 May 28 rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP holds steady above $0.47 as Ripple President breaks silence on Real USD stablecoin
Ripple President Monica Long recently appeared on The Block Podcasts and addressed XRP trader concerns about the stablecoin’s launch. The payment remittance firm’s stablecoin is called Real USD (RLUSD) and is slated for launch in 2024.
Bitcoin Weekly Forecast: BTC price correction could end in July, according to seasonal data
Bitcoin price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.
TON and Telegram narrative may be overvalued according to new research
Toncoin, Telegram narrative may be overestimated according to analysts at Blockworks Research. The social media messaging app has a relatively low number of daily active users, and no EVM compatibility.
Dogecoin price poised for 13% rally after finding support on a key level
Dogecoin price has stabilized around $0.118, aligning with the 200-week Exponential Moving Average (EMA), while on-chain data reveals a rising trend in DOGE's development activity, reflecting optimistic sentiment among investors.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.