Floki in Trouble? Price Falls 31% as New AI Meme Coin Hits $5.6M – Billion-Dollar Future?
Popular canine meme coin Floki ($FLOKI), a homage to Elon Musk’s eponymous Shiba Inu, is having a very bad week.
The token shed 31% in the last seven days to trade at $0.000217 at the time of writing.
Floki’s losses are heavier than any other Doge-themed meme coin this week. In comparison, the original doge meme coin Dogecoin ($DOGE) shed 12% and trades at $0.1435 as of this writing.
Shiba Inu ($SHIB) posted slightly heavier losses of 16% over the week an trades at $0.0000215
Solana’s leading doge meme coins, DogWifHat ($WIF) and Bonk ($BONK), shed 24% and 18% to trade at $2.50 and $0.0000263, respectively.
Newcomer DOG-GO-TO-THE-MOON ($DOG) shed 20% to land on $0.007621.
Many leading meme coins are amplifying a broad decline across the crypto market this week. The largest cryptocurrency by market capitalization, Bitcoin ($BTC), only shed 4.4% over the week and is presently worth $67,727.
On Floki’s trading chart, the token has struggled to pass the $0.0003 resistance level (indicated by the red line) for most of the year. A short-lived rally at the beginning of last week took it briefly up to a new all-time high of $0.0003449, but the coin has since undergone a heavy correction of about 37%, which has scuppered its steadily rising support, indicated by the diagonal green line.
A relative strength index (RSI) of 35 and rising indicates a possible recovery after some heavy selling pressure, but more market-wide losses could see the token’s support falling further.
Floki’s all time high last week was bolstered by news that the team are preparing a trading bot, which the token will power.
This is a sign of where the meme coin sector is headed: the tokens are having to find new utility to stay ahead of the market as the world inches
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