Is It Time to Buy #Floki Now That Its Market Cap Has Reached $2 Billion?

Even if the #cryptocurrency market as a whole is up little more than 1% today, the price of Floki has fallen 2% in the last 24 hours, falling to $0.0002274.

Despite FLOKI's 9% weekly drop and 25% two-week drop, the meme token is still up an astounding 420% in the previous 30 days.

With the market showing signs of recovery in the last few days, the coin's price might continue to rise over the weekend, capping off a year in which it has already gained roughly 600% and eclipsed a $2 billion market valuation.

Is It Time to Buy Floki Now That Its Market Cap Has Reached $2 Billion?

Floki may have fallen today, but its chart suggests a possible recovery is in the works.

Of particular note is the fact that its purple relative strength indicator has been hovering around 50 for the better part of a week.

This suggests that traders have been selling it too low as of late, and that its value will likely increase shortly.

Significantly, earlier today, FLOKI's 30-day average (orange) dropped below its 200-day (blue) average, suggesting that the token may soon bottom out and start climbing again.

The fact that FLOKI's trading volume is still very low—at $340 million today—is, however, cause for alarm.

This is a decrease of 85 percent compared to the volumes seen in early March, when the currency was trading at $0.000260 and higher.

Since whales and bigger traders are now ignoring FLOKI, it is reasonable to assume that demand is still quite modest.

Several wallets actually sold their tokens after unstaking them, according to the latest statistics on whale $FLOKI transactions.