Many people think of meme coin in crypto markets. Shiba Inu (SHIB) And Dogecoin (DOGE) is coming. But recently, a meme coin has managed to get all the attention: FLOKI.
The meme coin price has increased by about 250% during the month of January. Afterwards, there was a short consolidation, but as we recently reported, FLOKI showed an upward momentum again after Elon Musk shared. We can say that listing news also contributed to this rise.
In the latter case, there is currently a correction in the crypto markets and FLOKI has already recorded six consecutive red candles on its daily chart.
Floki Inu trending on Binance
Despite the recent price correction, Floki Inu still appears on the radar of the crypto community. Meme coin ranked first among “Trendling” cryptocurrencies on Binance today. As shown below, FLOKI beat other top assets like Bitcoin, Polyogn, Shiba Inu, and BabyDoge Coin to win number one.
However, FLOKI’s visibility on social media has also increased. Data from Lunar Crush revealed that last week, mentions of FLOKI on social media increased by 138.5% and the number of social interactions increased by 122.7%. As a result, the meme coin managed to collect over 290.9k mentions and 462.2 million interactions in that timeframe.
If we look at the data in more detail, Floki Inu; Ethereum was a much more discussed cryptocurrency than Dogecoin, Shiba Inu, Solana, Avalanche, and Cardano.
However, it should be noted: not all traders are optimistic at this stage. According to data from Coinglass, the number of short positions, that is, those who place downside bets on the price of the asset, is increasing. The drop in the long-short ratio from 1.12 to 0.76 in the last 12 hours justifies this.
You can check the price movements here.