Crypto
Floki Price Tumbles After Violent Weekly Surge
FLOKI has seen a violent weekly surge of over 30% to a high near $0.0000312, but it's now hovering in the $0.0000262, $0.0000270 range after giving back some of that move.
The token's price is being driven by macro factors, specifically Bitcoin's best August since 2017, which has compressed short positions across the altcoin complex.
The underlying ecosystem of FLOKI, including its DeFi suite and play-to-earn game, does not yet confirm rotation to organic buy pressure.
The Relative Strength Index (RSI) at 61.78 indicates that buyers have not completely abandoned the ticker, but it is flattening.