FLOKI has dropped to a three-week low of 0.000155 USD, signaling a long-term downtrend. The market capitalization of memecoins showed a significant decrease of 17%, with current figures around 94 billion USD, reflecting overall bearish sentiment.
Despite the bearish trend, derivatives trading remains robust with the Open Interest for FLOKI rising to 28 million USD. However, funding rates have dropped to 0.0028%, indicating that traders are hesitant to keep their open positions.
On-chain signals reveal that FLOKI whales are less inclined to buy the dip, with large transactions decreasing by 14%. Conversely, there is a slight uptick in large holder positions that could potentially support the coin’s performance in the long term.