FLOKI’s 40% surge and energetic bulls can leave investors wanting for more

  • FLOKI surged 40% over the last week.
  • There was a considerable jump in new wallets getting created on the network.

Floki [FLOKI] scored high on the popularity chart recently as it outpaced bigger meme coins in daily trading activity. According to a 22 October post by the crypto’s official X handle, FLOKI racked up a daily spot trading volume of $200 million. Thus, becoming the world’s most traded memecoin briefly.

How much are 1,10,100 FLOKIs worth today?

FLOKI was not fluking

Although FLOKI slipped in the rankings at the time of writing, the temporary surge was enough for the market to sit up and take notice.

The fourth-largest memecoin by market capitalization has been on a tear recently, soaring 40% over the last week. The latest rally was the first significant rise in FLOKI’s market value in nearly four months, bucking a prolonged downward spiral.

As FLOKI climbed higher on the price chart, it became the center of many discussions on crypto-linked social media channels. Data from Santiment highlighted a sharp uptick in social volume.

Notably, FLOKI’s Weighted Sentiment was still positive, implying that most of the commentary around the memecoin was favorable.

Source: Santiment

FLOKI falls behind PEPE

Dog-themed FLOKI came into mainstream consciousness in early 2023 after exploding more than 4x in value. What sets FLOKI apart from its competition is that it intends to combine the power of memes with the utility to drive mainstream adoption of the coin. FLOKI has created various products such as NFT-based games, NFT collections, and even a crypto debit card.

However, the worsening bear market and the emergence of the more successful Pepe [PEPE] inhibited FLOKI’s ascension. FLOKI was the fourth-largest memecoin by market cap at the time of writing.

The price pump infused a lot of energy into FLOKI’s ecosystem. While the number of unique wallets involved in FLOKI transactions spiked, there was a considerable jump in new wallets getting created.Floki on Ethereum FLOKI 17.48.19 23 Oct 2023

Realistic or not, here’s FLOKI’s market cap in BTC terms

Set for more gains?

FLOKI looked bullish on a 12-hour price chart. The Relative Strength Index (RSI) hovered above the overbought level, indicating strong buying activity. However, traders should be cautious as developments like these could lead to a significant price correction in the days ahead.

The On Balance Volume (OBV) trended upwards, suggesting that more capital flew into the market.

FLOKIUSDT 2023 10 23 17 54 13

Source: Trading View/ FLOKI-USD

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