FLOKI investors long while sell signal surfaces
FLOKI has been constantly rising over the past week, marking a 30% surge in seven days. The rally has helped the asset reach a local top as more investors hop in.
FLOKI is up by 3.5% in the past 24 hours and is trading at $0.000041 at the time of writing. The asset’s market cap rose to $387 million with a daily trading volume of $132 million — FLOKI is the 123rd largest cryptocurrency.
Moreover, data from DYOR.net shows that FLOKI is the top USDT trading pair on the largest crypto exchange, Binance. The memecoin has a daily trading volume of around $38 million on Binance.
The recent bullish momentum for FLOKI has helped it reach its seven-month-high — a price point last seen in early May.
According to data provided by the market intelligence platform Santiment, FLOKI’s social activity has doubled — rose by 100% — over the past day.
Furthermore, Santiment data shows a 20% rise in FLOKI’s total open interest (OI) as more traders try to profit from the memecoin’s bullish momentum. Per data from the market intelligence platform, FLOKI’s total OI hiked from $2.2 million on Dec. 4 to $2.6 million at the reporting time.
According to Santiment, the surge in FLOKI’s OI comes as long-position holders dominate the asset. The total funding rate aggregated by FLOKI tripled over the past day, rising from 0.02% to 0.06%, per Santiment.
On the other hand, the memecoin’s price-daily active addresses (DAA) divergence declined to negative 151%, suggesting a strong sell signal, according to Santiment data. The “sell signal” surfaces as FLOKI’s recent upward momentum might have been triggered by big whales and high volatility is expected.
