FLOKI witnessed a major price correction in the last 24 hours as its value plummeted by double- digits and metrics looked bearish
witnessed a major price correction in the last 24 hours as its value plummeted by double- digits. However, the recent setback did not restrict the blockchain from burning a substantial number of tokens in the last few days., the memecoin’s value plummeted by more than 19% in the last 24 hours alone. At the time of writing, the memecoin was trading at $0.0001757 with a market capitalization of over $1.7 billion.
The dip in value also had a negative impact on the memecoin’s social metrics. AMBCrypto’s analysis of Santiment’s data revealed that FLOKI’s social volume dropped last week. Additionally, its weighted sentiment also went into the negative zone, meaning that bearish sentiment around the token was dominant in the market.In the meantime, FLOKI had a trick up its sleeve, which can help it turn the situation around. As per its latest“A week after we announced that $3.
A high burn rate decreases the circulating supply of a crypto, in turn causing a rise in demand. This generally has a positive impact on the price as the crypto’s value goes up. But things for FLOKI were more complicated.AMBCrypto’s analysis of Santiment’s data revealed that the meme coin’s MVRV ratio plummeted sharply last week. Its exchange inflow also spiked a few times, meaning that selling pressure was high.
Nonetheless, the Money Flow Index remained in bulls’ favor as it registered an uptick, hinting at a trend reversal.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.Subscribe to get it daily in your inbox.
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