- FLOKI’s price increased by 40% in the last seven days with the potential to post more gains.
- Holders of the token sat on an average 63% profit.
After a notable fall below $250 million on the 26th of May, Floki’s [FLOKI] volume is back with a bang. According to AMBCrypto’s analysis of the market, FLOKI’s volume hit $1.34 billion on the 28th.
This value was the highest point the metric had reached for almost two weeks, indicating that interest in the memecoin was at its peak.
A bot triggers a burst
The impact of the volume also reflected in the price. At press time, FLOKI changed hands at $0.0003023, which was a 40% increase in the last seven days. This meant that the token was 12.01% away from resisting its all-time high of $0.0003436.
If the volume around the cryptocurrency continues to increase, the price might also follow. And a possible rise to $0.00040 could be a short-term target for the token.
Source: Santiment
However, there was a major reason FLOKI’s price pumped. As you probably know, the memecoin launched in 2021 with no specific utility. But in recent times, the Floki development team has been introducing a series of use cases for the project.
The last is a trading bot which seemed to be the reason behind the surge in demand. According to the announcement on X (formerly Twitter), the trading bot would allow on-chain trading on Telegram.
Also, the bot would operate on Ethereum, BNB Chain, and the Base networks. Concerning fees, the development noted that,
“The Floki trading bot charges a 1% fee on each trade and uses FLOKI as its main utility token: 50% of the fee is used to purchase and consume FLOKI, while the rest is deposited into the Floki Treasury. This will increase the utility of the FLOKI token while accelerating its deflation.”
However, AMBCrypto discovered that the trading bot was not open to all and sundry as it was in closed beta.
The memecoin mania is not over
Despite the price increase, on-chain data showed that the token might not tumble even though some analysts are saying the price has hit the top.
One reason for this conclusion was the Market Value to Realized Value (MVRV) ratio. At press time, FLOKI’s 30-day MVRV ratio was 63.19%
This means that if every holder sells their tokens, they would get an average profit of 63%. Apart from profitability, the metric also shows if an asset is undervalued or otherwise.
Source: Santiment
For many, FLOKI could be termed overvalued considering the incredible gains it has had. However, that might not be true. For instance, the MVRV ratio hit 105% on the 11th of March.
Read Floki’s [FLOKI] Price Prediction 2024-2025
This was around the same period FLOKI hit its all-time high. In addition, the Weighted Sentiment increased to 3.40%.
This reading implies that for every negative comment about FLOKI, there were three more that were positive. Considering the bullish sentiment around it, another price increase might not be far off.
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