FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day
- FLOKI rallied 11% on Tuesday, extending its seven-day gains over 40% on Binance.
- The meme coin has noted accumulation from large wallet holders; 30 billion FLOKI were added to whale wallets in May.
- FLOKI’s on-chain metrics, social dominance and active addresses support recent gains in the meme coin.
Floki Inu (FLOKI) has noted a spike in on-chain metrics in May. The meme coin rallied alongside large market capitalization meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and PEPE (PEPE) this cycle.
On-chain metrics support FLOKI’s gains and the meme coin is likely to extend its rally.
FLOKI on-chain metrics paint bullish picture
The current cycle is labeled the meme coin supercycle by market participants for the massive gains in meme tokens since the beginning of 2024. FLOKI is one such token that rallied in double-digits in the past seven days, gaining over 43% on Binance.
At the time of writing, FLOKI price is $0.000309 and the meme coin has added 11.16% to its value on Tuesday.
FLOKI’s price rally is supported by the surge in on-chain metrics that help determine the state of user activity, interest and the token’s relevance among traders. Two key metrics, active addresses and social dominance, have climbed between May 1 and 28, as seen on the crypto intelligence tracker Santiment’s chart.
FLOKI’s active addresses nearly doubled from 3,650 to 7,080, and social dominance climbed from 0.0767% to 0.4953%. The increase in the two on-chain metrics supports the meme coin’s recent gains.
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FLOKI price, social dominance and active addresses
FLOKI extends gains, rallies in double-digits
FLOKI hit an all-time high of $0.000314 on Binance early on Tuesday. The meme token is likely to extend gains by nearly 18% if FLOKI sees a daily candlestick close above May 27 high of $0.000290.
The target is the 127.2% Fibonacci extension of the rally from the April 13 low of $0.000109 to an all-time high on May 28 at $0.000314.
The Moving Average Convergence Divergence (MACD) indicator shows there is underlying positive momentum in FLOKI’s uptrend. The green histogram bars above the neutral line and the MACD crossing over the signal line on April 22 support a bullish thesis.
FLOKI/USDT 1-day chart
In the event of a decline, FLOKI could find support at $0.000270, the 78.6% Fibonacci retracement of the April 13 May 28 rally.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
