Does Floki’s Growing Popularity Pose a Threat to Shib
Journalist
Posted:
- FLOKI’s social popularity has increased significantly in the last few days.
- The price of FLOKI SHIB and FLOKI raised concerns due to the declining sentiment towards these products.
Bitcoin has seen a surge in popularity recently [BTC] It has had a positive impact not only on blue-chip coins but also on the memecoin industry.
Popularity is rising
Floki [FLOKI]One of the few coins that gained popularity in the social space was a memecoin popular on the BNB network.
This memecoin was ranked as one of the top 10 most mentioned memes in the last 24 hours. The increase in social media activity was accompanied by an increase in the price of the coin.
The price of FLOKI was $0.00003456 at the time of publication, up 7.43%. In the last 24 hours, FLOKI’s trading volume also increased by 87.15%.
Source: Crypto Insights
Growing Competition
This rise in interest in social media led to its overall social media dominance. FLOKI surpassed other memecoins like SHIB in terms of attention on social media platforms.
AskFX analyzed Santiment data and found that SHIB’s social dominance decreased over the past week while FLOKI increased.
Source: Santiment
SHIB, currently trading at $0.00000973, could be negatively impacted by a decline in social interest. Its price has also fallen by 0.59% in the last 24 hours.
Both FLOKI and SHIB did not perform well in terms of sentiment. AskFX analyzed Santiment data and found that sentiment for both tokens had dropped significantly.
The number of negative comments on both tokens has exceeded the positive ones in recent days.
The negative sentiment towards tokens can negatively impact their price and hinder a future rally.
The majority of FLOKI and SHIB traders were in profit. The MVRV ratio of both tokens has increased.
Here is the FLOKI market cap in BTC.
Higher profitability is not only a positive trend, but also an incentive for holders to sell their investments at a profit.
This possible sell-off may have a negative impact on the price.
Source: Santiment
