- FLOKI Inu surged 11% in one day, driven by significant whale accumulation of 30 billion tokens and a rise in key on-chain metrics like active addresses and social dominance.
- The meme coin’s price rally is further supported by positive technical indicators, suggesting potential for continued growth.
Floki Inu (FLOKI), a popular meme coin, experienced a remarkable 11% surge on Tuesday, contributing to a cumulative seven-day gain of over 40% on Binance. This impressive rally has caught the attention of many in the crypto community, especially given the significant accumulation by large wallet holders, or “whales,” who added 30 billion FLOKI tokens to their holdings in May.
FLOKI’s On-Chain Metrics Paint a Bullish Picture
The current crypto market cycle has been dubbed the “meme coin supercycle” by enthusiasts, highlighting the massive gains seen in various meme tokens since the beginning of 2024. FLOKI has been a notable player in this trend, mirroring the performance of other prominent meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and PEPE (PEPE).
As of now, FLOKI’s price stands at $0.000309, reflecting an 11.16% increase in value just on Tuesday. The rally in FLOKI’s price is strongly supported by a surge in on-chain metrics, which are crucial for assessing user activity, interest, and the token’s relevance among traders.
Two key on-chain metrics, active addresses and social dominance, have shown significant growth from May 1 to May 28. According to data from the crypto intelligence tracker Santiment, FLOKI’s active addresses nearly doubled from 3,650 to 7,080. Simultaneously, social dominance, which measures the token’s presence in social media discussions, climbed from 0.0767% to 0.4953%. These increases in on-chain metrics underpin FLOKI’s recent gains and indicate a sustained interest and engagement from the crypto community.
On Tuesday, FLOKI hit an all-time high of $0.000314 on Binance. Analysts suggest that if FLOKI achieves a daily candlestick close above its May 27 high of $0.000290, it could extend its gains by nearly 18%. This would align with the 127.2% Fibonacci extension of the rally from its April 13 low of $0.000109 to its all-time high on May 28 at $0.000314.
Further supporting this bullish outlook is the Moving Average Convergence Divergence (MACD) indicator. The MACD shows positive momentum in FLOKI’s uptrend, with green histogram bars above the neutral line and a crossover of the MACD line above the signal line on April 22, reinforcing the positive sentiment.
However, in the event of a decline, FLOKI could find support at $0.000270, which corresponds to the 78.6% Fibonacci retracement of its rally from April 13 to May 28.
The combination of whale accumulation, robust on-chain metrics, and technical indicators suggests that FLOKI may continue its upward trajectory, solidifying its position as a standout performer in the meme coin supercycle.
