FLOKI Sees a 30% Surge in Seven Days
FLOKI has experienced a continuous rise over the past week, resulting in a 30% surge in its value. This upward momentum has attracted more investors to join the market.
Current Performance and Market Cap
In the last 24 hours, FLOKI has increased by 3.5% and is currently trading at $0.000041. The asset’s market capitalization has reached $387 million, with a daily trading volume of $132 million. As a result, FLOKI ranks as the 123rd largest cryptocurrency.
FLOKI Dominates USDT Trading Pair on Binance
According to data from DYOR.net, FLOKI is the top USDT trading pair on Binance, the largest cryptocurrency exchange. FLOKI enjoys a daily trading volume of approximately $38 million on this platform.
Seven-Month High and Increased Social Activity
FLOKI’s recent bullish momentum has propelled it to reach its highest price point in seven months, which was last seen in early May. Additionally, data from Santiment reveals that FLOKI’s social activity has doubled in the past day, indicating a significant increase of 100%.
Rise in Total Open Interest and Funding Rate
Santiment’s data also shows a 20% increase in FLOKI’s total open interest (OI) as traders seek to profit from its bullish trend. From December 4 to the present, FLOKI’s total OI rose from $2.2 million to $2.6 million.
The surge in FLOKI’s OI is driven by long-position holders dominating the asset. Furthermore, FLOKI’s total funding rate, as aggregated by Santiment, tripled in the past day, rising from 0.02% to 0.06%.
Strong Sell Signal and Volatility Expectations
On the other hand, Santiment’s data suggests a strong sell signal for FLOKI due to a negative 151% price-daily active addresses (DAA) divergence. This divergence indicates that recent upward momentum may have been initiated by large whales, which could result in high volatility.
Hot Take: FLOKI’s Bullish Momentum Continues
FLOKI has experienced a significant surge in value over the past week, attracting more investors to join the market. With its current performance and dominance in USDT trading on Binance, FLOKI is positioned for further growth. However, caution is advised due to the potential sell signal triggered by large whales and expected volatility.
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