Shiba Inu-Inspired Floki Decouples from Market, Climbs 21%

• Floki coin’s trading volume shoots up 230% in 7 days.
• Record-high social dominance puts FLOKI at #1 on AltRank.
• Floki runs past SHIB & DOGE by daily Spot trading volume.

Floki (FLOKI) defies the general crypto market sentiment, showing major resilience as other meme coin peers succumbed to double-digit deficits in the last few weeks. Floki also proved resilient against this week’s market pullback, as the token fetched 21% gains, while Bitcoin dropped 2% of its value to plunge below $60K.

The significance of this price movement for FLOKI is combined with social dominance, as noted by the social blockchain analytics platform LunarCrush. According to them, Floki token’s socials now comprise 1.55% of the entire crypto market, nearly doubling from 0.85%. This has pushed Floki to #1 on LunarCrush’s AltRank, which measures social media performance and price movements.

FLOKI Tops SHIB, DOGE By Trading Volume

Intriguingly, Floki is breaking out of a bullish double-bottom pattern, which could lead to a new monthly peak for the Viking dog-decorated cryptocurrency. Marked by crypto analysts such as PostyXBT as “the first important reclaim,” Floki’s northward trajectory could be bolstered by high trading volume.

Floki is changing hands at $0.0001558, and the meme coin’s daily trading volume has surpassed that of bigger rivals like Shiba Inu (SHIB) and Dogecoin (DOGE). Floki sports a $693,847,297 trading volume over the latest 24-hour period, while SHIB fetched twice as little with $312,526,362. Notably, DOGE is trailing behind with $584,299,485, according to CoinGecko.

From a more technical perspective, Floki Inu’s possible breakout setup aligns well with the Chaikin Money Flow (CMF), standing above zero on daily and 1-hour charts. Hinting at renewed large investor interest, this metric is further strengthened by a positive Awesome Oscillator (AO). 

The AO indicator compares the latest FLOKI price moves with historical data and defines bullish momentum if the green bars gradually increase. As Floki lost its high correlation with major-cap assets, the upcoming price movement will highly depend on the developments within Floki’s ecosystem, such as the Valhalla metaverse game or TokenFi’s real-world asset tokenization and new partnerships .

On the Flipside

• Based on the 1-day charts on the FLOKI/USDT pair on Binance, Floki is extremely overbought at 79.
• The Viking dog-themed crypto is over 50% down from its all-time high, accomplished three months ago.

Why This Matters

The dog-themed Floki crypto is among the best-performers in the asset class, whipping up 825% gains in a yearly time frame.

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