Is Floki About to Crash? FLOKI Price Drops as Investors Shift to Wiener AI
Popular canine meme coin Floki ($FLOKI), a homage to Elon Musk’s eponymous Shiba Inu, is down 9% overnight and 32% over the week, taking the heaviest intraday and intraweek losses of any top ten meme coin.
The token trades at $0.000217 at the time of writing.
In comparison, the original and largest meme coin by market capitalization, Dogecoin ($DOGE), shed 1.7% overnight and 7.6% in the last seven days to trade at $0.1338 as of this writing.
Most meme coins are tracking Bitcoin’s ($BTC) losses: the world’s first and favorite cryptocurrency lost 1% overnight and 5% over the week to trade at $65,863.
Shiba Inu ($SHIB) posted the second heaviest intra-week losses among the five biggest meme coins, falling 14% over the week to retail at $0.0000202.
Leading Solana doge meme coins, DogWifHat ($WIF) and Bonk ($BONK), shed 15% and 12% over the last seven days to trade at $2.41 and $0.00002335, respectively.
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 in the early day of June took it briefly up to a new all-time high of $0.0003449 on June 5, but the coin faces very heavy resistance breaking up to $0.00035.
Since hitting ATH twelve days ago, Floki’s price has undergone a heavy correction of about 47%, which has broken its previously rising support, indicated by the diagonal green line.
A relative strength index (RSI) of 26 and rising indicates the sell-off has finished and some dip-buying is likely to happen throughout the remains of the day, which could stabilize the token again.
Floki’s recent all time high was driven by news that the team are preparing a trading bot, which the $FLOKI token will power.
Floki’s pivot towards
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