While the market remained volatile, memecoins like FLOKI had their fair share of short-term bull rallies this year.
have had their fair share of short-term bull rallies this year. Though this seemed like an optimistic sign initially, a look at the broader picture revealed a few concerns.
At the time of writing, FLOKI was trading at $0.0001157 with a market capitalization of over $1.11 billion. As per our analysis, selling pressure on the memecoin increased sharply. This was evident from the massive rise in its supply on exchanges and a dip in its supply outside of exchanges.Additionally, the whales also didn’t seem to have much faith in FLOKI, as the supply held by top addresses dipped.
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