FLOKI Whales Scoop Up 30 Billion Tokens in May, Meme Coin Surges 11%🤯💥📈
FLOKI Inu (FLOKI) saw a significant surge on Binance, gaining 11% on Tuesday and over 40% in the past week. In May, whale investors added 30 billion FLOKI to their wallets, driving the meme coin's rise.
On-chain data indicates a robust increase in FLOKI's social dominance and active addresses, suggesting continued growth. FLOKI's performance aligns with other meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and PEPE (PEPE), all experiencing gains in this market cycle.
Market participants are dubbing this period the "meme coin supercycle" due to the substantial growth in meme tokens since 2024. FLOKI's recent climb on Binance includes a 43% weekly increase, with Tuesday's peak reaching $0.000309.
Data from Santiment highlights a significant rise in active FLOKI addresses, nearly doubling from 3,650 to 7,080, and an increase in social dominance from 0.0767% to 0.4953% between May 1 and 28. These metrics underpin the meme coin's current performance.
FLOKI set a new Binance high of $0.000314 early Tuesday. Analysts suggest that if the daily candlestick closes above $0.000290, FLOKI could see an additional 18% rise, targeting a 127.2% Fibonacci extension at $0.000314, an all-time high.
The MACD indicator shows strong bullish momentum for FLOKI, with green histogram bars above the neutral line and the MACD line crossing above the signal line since April 22. In case of a dip, FLOKI might find support around $0.000270, aligned with the 78.6% Fibonacci retracement of the April-May surge.
