The cryptocurrency market downturn is still ongoing, with the bulk of cryptocurrencies losing significant value with Floki Inu down over 10% for the day. Bitcoin has lost over 2% of its value the day, while Ethereum has lost 4.5% of its value. Smaller cryptocurrencies like Dogecoin and Shiba have lost roughly 3% and 6% of their value for the day, but their major competitor, FLOKI, has lost over 10%.
Can Floki Inu Really Replace Shiba Inu
While the present market correction is mostly technical in nature, Floki’s fuel for the pump comes from the announcement of a collaboration with Kerala Blasters FC, one of India’s most popular football clubs.
Background market and on-chain statistics for Floki remain neutral, according to recent official publications, with no large transactions taking place and the number of whales holding the Elon Musk-inspired currency dropping dramatically.
Despite the fact that the first pump may have been triggered by the huge announcement, the token gained a few more percent within a few hours, indicating that the current price jump is being accompanied by growing speculating activity.
Analyzing Floki Inu Price Movement
According to CoinMarketCap, Floki is stabilizing at the nearest resistance of $0.00021 USD at press time, with its trading volume also down by 16%. Unfortunately, because the token is largely traded via swap contracts, the volume of the token cannot be accurately measured.
Floki Inu Price Chart – Source: CoinMarketCap
Floki is currently trading at over 10% daily losses, ignoring the past three negative days in a row. Floki is currently trading at a price of around $0.0001717 USD for the day.