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FLOKI whales buy 30 billion tokens in May, meme coin gains 11%.
On Binance, FLOKI gained 11% on Tuesday, increasing its seven-day gains above 40%.
May saw 30 billion FLOKI added to whale wallets.
On-chain data, social dominance, and active addresses support FLOKI's meme currency increases.
Floki Inu (FLOKI) saw on-chain metrics rise in May. As with Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and PEPE (PEPE), the meme currency surged this cycle.
FLOKI's on-chain stats support its climb, and the joke currency may continue.
On-chain FLOKI data are optimistic.
Market participants call the current cycle the meme coin supercycle due to monumental meme token growth since 2024. On Binance, FLOKI gained almost 43% in the previous week.
On Tuesday, FLOKI rose 11.16% to $0.000309.
Increased on-chain indicators that measure user activity, interest, and trader relevance boost FLOKI's price increase. Santiment's graphic shows active addresses and social dominance rising between May 1 and 28.
Active FLOKI addresses roughly quadrupled from 3,650 to 7,080, and social dominance rose from 0.0767% to 0.4953%. Increases in two on-chain indicators justify meme coin's recent advances.
FLOKI continues double-digit increases.
FLOKI touched a Binance record of $0.000314 early Tuesday. FLOKI might gain almost 18% if a daily candlestick closes over May 27's $0.000290 high.
The goal is the 127.2% Fibonacci extension of the run from $0.000109 to $0.000314 on May 28, an all-time high.
The MACD indicator suggests FLOKI's rise has favorable momentum. A bullish thesis is supported by green histogram bars above the neutral line and MACD moving above the signal line on April 22.
During a drop, FLOKI might find support around $0.000270, the 78.6% Fibonacci retracement of the April 13 May 28 surge.
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