BTC, ETH, and other altcoins seem to be in for a bearish market day as Floki Inu records massive surges ahead of the Binance US listing.
Today’s market session seems rather bearish with the global market cap reducing by 1.2%, taking the cap back to $1.15T within the last 24 hours. BTC again has started the day on a rather bearish note, trading at $27.4K as of press time, representing a decrease of close to 1%.
The crypto king’s trading volume also surged by 21% as the amount of whale activity increased ahead of the commemoration of Satoshi’s disappearance. The amount of volatility on the asset’s network seems rather stable with the Bollinger bands recording a close distance as the MACD indicator shows the bearish trend gripped by bears.
BTC 1-day chart | Source: TreadingView
Ethereum bears as well seem to be the most active of the asset’s whales, recording a 1.5% decrease within the same period as the asset traded at the $1.8K level as of press time. ETH’s weekly drop stood at 12% as of writing with the trading volume recording a 20% increase within the same period.
How are altcoins doing today?
Altcoins are also on for a bad market day with most of the renowned pines recording declines within the same period with Avalanche standing out with an increase of close to 1% in what seems a bear market day. Avalanche, who has lost 19% in valuation within the whole week, had seen a 7% increase in valuation within 24 hours as wale activity on the network rises steadily.
AVAX 1-day chart | Source: CoinMarketCap
Floki stood as today’s top 100 gainers recording a 33% increase within 24 hours. The asset’s trading volume has recorded an astonishing over 1800% increase within the same period as the trading volume also went up by 33%.
Floki 1-day chart | Source: CoinMarketCap
This recent surge can be attributed to a recent listing on a new exchange. Binance US has opened its doors to $FLOKI deposits. The ecosystem built around the meme-inspired token, @RealFlokiInu, includes a Play-to-Earn game, DeFi platform FlokiFi, prepaid cards, and NFT collections. This development allows for wider adoption of the token, enabling investors to diversify their portfolios with the expanding Floki ecosystem.
The team behind the project is actively developing new features and products to enhance the Floki experience. With the popularity of meme coins skyrocketing, Floki has been making waves in the crypto world with its unique approach to blockchain gaming and DeFi. The token has seen significant gains since its launch and has attracted a large following, with the community eagerly awaiting further developments.
As the Floki ecosystem continues to grow, it will be interesting to see how it stacks up against other established blockchain projects in the long run as it now looks to dominate the meme coins sector.
Today’s top gainer was the Vince Chain which recorded an increase of over 1600% within 24 hours as well as a weekly gain of over 1000% as the asset ranked 13th on CoinMarketCap’s trending list.
Vince chain gains snapshot | Source: CoinMarktCap