Aaryamann Shrivastava
FXStreet
- Floki Inu price lost over 10% in the past 72 hours.
- The movement of FLOKI between addresses is currently at a three-month high.
- Albeit minimal, the last ten days have seen the most realized gains on-chain since the end of February this year.
Floki Inu price has had a rough run, just like the rest of the crypto market, but investors seem to be bouncing back. Regardless, the meme coin needs to see more bullishness from the market in order to support these investors’ attempt at triggering recovery.
Floki Inu price is having a hard time
Floki Inu price is currently trading at $0.00003143 after slipping by more than 10% on the charts in the last three days. Since the beginning of May, the cryptocurrency has seen significant fluctuation but has not been able to sustain any green candlesticks. While the meme coin is still struggling to breach the key barrier at $0.00003790, investors somehow seem to be enjoying profits again.
FLOKI/USD 1-day chart
The on-chain realized profit/loss indicator shows that over the last few days, investors have realized gains. The last time this happened was towards the end of February, after which investors’ activity slowed down considerably.
However, these gains also point towards selling since profits or losses can only be realized once they are sold back for their current value. While it is a good thing that the investors are observing profits over losses, they are still the effect of selling, which, if increased, could end up being detrimental to the price.
 [04.04.33, 01 Jun, 2023]-638211730250964092.png)
Floki Inu realized profits
As is, FLOKI supply has begun changing hands at a good pace. The velocity, which measures the rate at which one token goes through addresses, is presently at a three-month high. This suggests that the network activity is currently strong as more tokens are moving around, indicating investors are conducting transactions on-chain.
 [04.04.48, 01 Jun, 2023]-638211730486684434.png)
Floki Inu velocity
Thus the realized profits and higher on-chain activity from investors do point towards Floki Inu holding the potential to rally further and breach the resistance level at $0.00003790.
Flipping this level into a support floor would also provide FLOKI with the boost it needs to rally further. However, a rejection of the same level could leave the meme coin vulnerable to a decline below $0.00003000.
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