• Floki Inu price whiplashed on May 24, rising by over 7% and crashing by 5% before recovering to trade at $0.00003142.

  • The lack of recovery in the last two weeks has left over 76% of the addresses facing a loss.

  • Of these 76%, about 1.96k holders will have to wait for a 70% recovery as they bought their FLOKI around the all-time high price.

Floki Inu price, unlike the rest of the altcoins, did not tread sideways but kept declining throughout the last couple of days. This pulled the FLOKI holders farther away from becoming profitable again, with the bearishness particularly weighing in on a particular bunch of investors.

Floki Inu price declines further

#Floki Inu price, trading at $0.00003142, is inching closer to the support levels at $0.00002660 and the February lows of $0.00002074. While the crypto market did exhibit signs of recovery on May 23, the rise was short-lived as soon after, the cryptocurrencies declined considerably. The same, however, was not the case with FLOKI, as the meme coin never showed any signs of recovery.

The Relative Strength Index (RSI) over the last two weeks has slid into the bearish zone below the neutral mark at 50.0. This movement suggests that the meme coin is now more than ever susceptible to selling since recovery is far away.

A similar instance has been observed in the supply held by the investors as well. The mid-term hodlers (Cruisers), who hold FLOKI for a period longer than 30 days and less than a year, held approximately 72.84% of the entire supply a month ago. This dominance has since been reduced by 3%, which has been picked up by short-term holders who usually offload their holdings within a month.

This decline in mid-term holders’ supply shows bearishness is increasing among investors, which could impact the price negatively. This will further increase the losses observed by FLOKI holders. Currently, nearly 76% of all investors are facing loss, but 1.96k addresses, in particular, are the biggest losers.

The reason behind this is that these investors accumulated their supply around the time when Floki Inu price was at its highest at $0.00005529. Thus for their holdings to become profitable again, the #memecoins needs to chart at least a 73% rally.

This may take some time to happen, but Floki Inu price would have a shot at recovery if its mid-term holders take a break from offloading their losses.