FLOKI leads the memecoins; should DOGE, SHIB holders worry?
- FLOKI’s weighted sentiment and social dominance increased last week
- Overall, the market indicators were bullish, suggesting a further price hike
Floki Inu [FLOKI] managed to outperform all other projects on the BNB Chain on the social front. Not only was FLOKI’s popularity high, but its price also surged sharply because of the bullish market condition.
Upon comparing it with memecoins like Shiba Inu [SHIB] and Dogecoin [DOGE], FLOKI’s 24-hour price action was more promising. Was this hike a result of the increase in popularity, or were other factors at play?
Realistic or not, here’s FLOKI market cap in BTC‘s terms
Floki Inu’s social metrics are laudable
BSC Daily, a Twitter account that posts updates related to the BNB Chain ecosystem, pointed out that FLOKI ranked #1. As per the tweet, FLOKI topped the list of BNB Chain projects in terms of social engagement, reflecting its popularity.
Apart from FLOKI, CAKE and QUACK also made it to the top three on the list.
🎉 TOP #BNBCHAIN PROJECT WITH HIGHEST SOCIAL ENGAGEMENT🚀$FLOKI @RealFlokiInu$CAKE @PancakeSwap$QUACK @RichQuack
$BABYDOGE @BabyDogeCoin
$1INCH @1INC$DEXT @DEXToolsApp$BRISE @bitgertbrise
$MURATIAI @MuratiAI$SFUND @SeedifyFund$VINU @VitaInuCoin$STG @StargateFinance#BNB pic.twitter.com/LHvWMQW1zU— BSCDaily (@bsc_daily) June 20, 2023
A similar rise in popularity was also seen on Santiment’s chart, as its social dominance spiked quite a few times last week. Floki Inu’s weighted sentiment also improved. This suggested a dominant positive sentiment in the market.
Source: Santiment
Have the bulls stepped up their game?
As per CoinMarketCap, FLOKI’s price rose by more than 6% in the last 24 hours, which was bullish. At the time of writing, it was trading at $0.00002351 with a market capitalization of over $222 million.
The price uptick also motivated investors to increase their holdings, as evident from the rise in FLOKI’s total amount of holders. However, whale activity remained low.
Source: Santiment
Additionally, though FLOKI’s price registered an uptick, its network activity declined last week. As per Santiment’s chart, FLOKI’s daily active addresses sank. The same remained true for its network growth. This meant that fewer new addresses were created to transfer the memecoin.
Source: Santiment
A look at the memecoin battle
While FLOKI’s price rose by 6%, SHIB and DOGE’s performances were not up to par. While DOGE, the largest memecoin, registered a price increment of over 3% in the last 24 hours, SHIB’s price also followed and increased just 3%.
On the other hand, PEPE was the leader in terms of daily price gains. As per CoinMarketCap, PEPE’s price witnessed a surge of more than 15% over the last day.
How much are 1,10,100 FLOKIs worth today
Furthermore, FLOKI’s Relative Strength Index (RSI) registered an uptick, which was an update in the buyers’ favor. Its Moving Average Convergence Divergence (MACD) also suggested that the bulls were ahead of the bears. This could increase the chances of a continued uptrend.
Nonetheless, the Exponential Moving Average (EMA) Ribbon remained in the bears’ favor.
Source: TradingView
