Analysis of Floki Inu’s [FLOKI] Price Action Following Binance.US Listing
Floki Inu experienced a surge in price and volume after Binance’s US arm listed the meme token, causing it to enter the top 100 cryptos by market capitalization. It became the most traded meme token on the KuCoin exchange in a brief period of success, with a higher volume than Dogecoin, Shiba Inu, and other memecoins combined, and its perpetual trading volume surpassed $770 million. Floki Inu also hit the number one LunarCrush AltRank, a combined social and market activity metric. However, after its peak, its price and volume both declined, with a decrease of more than 10% in the last 24 hours and a decline of over 55% in volume. The good time was coming to an end as several indicators were in the sellers’ favor, and the MACD indicated a possibility of a bearish crossover in the coming days. The memecoin’s Chaikin Money Flow and Money Flow Index went sideways, decreasing the chances of an unprecedented surge anytime soon. Despite the decline, investors remained confident in Floki Inu, with a rise in its weighted sentiment metric, indicating more investors were willing to trade FLOKI, and its network growth went up, suggesting new addresses participated in transferring the token.