Floki Inu [FLOKI] carves a niche in memecoin space, but here’s the catch

• Floki Inu’s price declined by 4% in the last 24 hours 
• Market indicators were bearish on FLOKI, as were a few metrics 

On 8 May, Floki Inu [FLOKI] became the #1 trending cryptocurrency on CoinMarketCap. This happened due to its price action, which increased by over 11% in the last seven days. Thanks to this growth, FLOKI re-entered the list of the top 100 cryptos by market capitalization, sitting on the 98th spot at press time. 

$FLOKI is currently the top trending #cryptocurrency on the industry’s top exchange #Binance! 🔥#Floki is trending above $SHIB, $ARB, $BTC, $DOGE, and $ETH.

More importantly, users can now trade $FLOKI on Binance — a big win for the people’s #crypto! pic.twitter.com/ulyqhNRm5h

— FLOKI (@RealFlokiInu) May 7, 2023

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

Is FLOKI now taking over Pepe [PEPE] in the battle of the memecoins?

There is more to the story

Thanks to the sudden price surge, FLOKI also became the most traded highlight web3 project in the BNB Chain in the last 24 hours, reflecting the memecoin’s popularity among traders.

🎉Most Traded Highlight #Web3 Projects in #BNBChain Last 24 Hours🚀

🥇 $FLOKI @realflokiinu
🥈 $WOO @WOOnetwork
🥉 $ANKR @ankr$GAL @Galxe$HOOK @hookedprotocol$CELR @CelerNetwork
$1INCH @1inch$LINA @LinearFinance
$BABYDOGE @babydogecoin$TWT @trustwallet#BNB #BSC #BRC20🔥 pic.twitter.com/URr4DFMXVe

— BSCDaily (@bsc_daily) May 8, 2023

However, the growth was short-lived as soon as FLOKI underwent a price correction. According to CoinMarketCap, FLOKI’s price declined by more than 4% in the last 24 hours. At press time, it was trading at $0.00003523 with a market capitalization of over $341 million.

What went wrong for Floki Inu

A look at FLOKI’s on-chain metrics gave an idea of what went against Floki Inu in the last couple of days. For instance, negative sentiments around FLOKI spiked a few days ago while its price registered a decline.

After spiking during the uptrend, Floki Inu’s network growth also declined, suggesting that fewer new wallets were used to transfer the asset. Additionally, FLOKI’s MVRV Ratio also declined, which was bearish. 

Source: Santiment

Floki Inu’s Relative Strength Index (RSI) registered a slight downtick and was hovering below the neutral mark. The memecoin’s Chaikin Money Flow (CMF) was also considerably down, further increasing the chances of a continued downtrend. In addition to that, the Bollinger Bands revealed that FLOKI’s price was about to enter a less volatile zone, decreasing the chances of an unprecedented price surge in the near term. 

Source: TradingView

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

How are the other players doing? 

The hype around memecoins seemed to have halted as most of the coins’ performances were negative. For example, PEPE, the current talk of the town, registered a price decrease of over 16% in just the last 24 hours.

At press time, it was trading at $0.000001948, with a market cap of $763 million. The same remained true for the two biggest memecoins, Dogecoin [DOGE] and Shiba Inu [SHIB], as their prices declined by 2.7% and 1.8% in the last 24 hours, respectively.