Is FLOKI About to Crash? FLOKI Price Dives 10% as Eyes Turn to Rising Solana Meme Coin
The price of the popular ERC-20 meme coin FLOKI has taken a hit amidst fierce competition from Solana-based competitors.
FLOKI has nosedived 12% in the last 7 days to trade at $0.0002064, amidst a broader market pullback that has shaved the price of virtually all leading cryptocurrencies.
FLOKI’s descent is matched by a couple of other leading meme coins today.
Shiba Inu (SHIB), PEPE, and BONK all posted similar depreciation over the last seven days, according to CoinGecko.
However, many top Solana meme coins fared much better than their ERC-20 competitors and actually increased in price, the largest, DogWifHat (WIF), rose 20% since last Wednesday.
The largest meme coin by market capitalization, Dogecoin (DOGE), managed to weather the downturn well, and only shed about 5% to trade at $0.18 at the time of writing.
Meanwhile, market leaders Bitcoin (BTC) and Ethereum (ETH) also posted notable depreciation over the last week, no doubt setting the pace for much of the sell-off. Bitcoin is down 6.6% to $65,895, while Ethereum fell 8% to $3,308.
Over on FLOKI’s trading chart we can see significant but volatile appreciation in throughout much of last month. In early March, the token flirted with fleeting highs of near $0.0003, however, it has yet to reclaim that peak after a pullback bottomed out three weeks into the month below $0.0002.
FLOKI’s Relative Strength Index (RSI) is 37 and climbing. This indicates that the recent selloff has slowed down and traders can expect relative stability in the near term.
FLOKI may have posted some bullish price action recently.
However, it will probably never flip stalwart rivals Dogecoin and Shiba Inu any time soon.
Dogecoin has a first-mover advantage, being over ten years old already, while Shiba
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