- 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.
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
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.