FLOKI's price has plummeted by 9% in the last 24 hours

Jiten171

Over the past seven days, the value of FLOKI has declined by 10%. Last week, its public rate decreased by double digits.

According to CoinMarketCap data, the dog-themed meme coin Floki continued to fall, with its price dropping by 10% last week.

The price decline is attributed to a decrease in network activity for the token during the review period. According to Santiment's data, demand for FLOKI has significantly decreased since March 14, as assessed by the seven-day moving average.

For example, the daily number of addresses involved in FLOKI transactions has dropped by 81%. Similarly, during the same period, the number of new addresses created daily for trading FLOKI has decreased by 82%.

A close look at FLOKI's on-chain activity reveals that the decrease in demand is due to increasing losses realized in daily transactions involving meme coins.

AMBCrypto evaluated the daily on-chain transaction volume of the token based on a seven-day moving average and found it to be 0.85. This means that for every losing FLOKI transaction, only 0.85 transactions are profitable.

The bears are now leading the show. The Moving Average Convergence Divergence (MACD) reading for FLOKI shows its MACD line below the signal line, confirming bearish sentiment in the market.

When these lines are positioned in this way, it's a bearish signal, indicating that the short-term momentum of the asset is weakening relative to the long-term trend. This crossover is typically seen by traders as a signal to consider selling or entering short positions.

Additionally, as of the time of writing, FLOKI's Chaikin Money Flow (CMF) is in a downtrend, seemingly poised to break below the centerline. FLOKI's CMF is above the zero line, indicating a significant decrease in liquidity inflows into the market.

The declining CMF of the asset suggests that selling pressure is increasing relative to buying pressure, leading to further downward trends in the asset price.

How much is 1,10100 FLOKI worth today? Since March 14, the public rate for meme coins in the futures market has been on a downward trend. According to Coinglass data, it was $21 million at the time of writing, subsequently dropping by 25%.

This decline indicates that FLOKI futures traders continue to exit positions without opening new ones, leading to a decrease in its value.

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