So $floki has been one of my favorite charts the past 3-4 months. Its got a great community, very special tokenomics, strong leadership and has a solid track record of TA thusfar.
This last ABC pattern took us lower than any prior corrective move and in some regards that should be expected. It reached the 3.618 at the top of its last parabolic move in late October.
But i also suspect the continued sell pressure (besides the 'bitcoin' affect on the market as a whole) has a bit more to do with market manipulation. The selloff's are into support, over and over....and over. All that said, they've only been enough to take the charts NEAR TO the breaking point. But any nefarious actor(s) probably could have broken it on multiple occassions.
No i think this has more to do with keeping the price 'healthy' and 'true'. Rewarding the hodl'ers by preventing the token's value from unsustainable valuations too soon. Pushing the price down also keeps speculative traders and moonboy's from pumping (and then dumping) the token.
Lastly, this volatile price action equals more transactions. More tx's equals more tx's fees. Fees that are used to market and promote #floki.
Pro's- these tokenomics are intended to reward Hodl'ers and discincentivize scalpers and traders. A true community token. they are making serious strides on the marketing front with multiple professional athletic sponsorships and major advertisement initiatives.
Con's- The number of token holders (350,000 currently) has plateau'd a bit the past month or so. Not what you would expect with all the marketing effort. The average investment value (mcap/# of token holders) is low compared to other meme coins. Doge- $4,791. Shib- $19,250. Floki- $3,714. (TO BE FAIR- Doge & Shib both have a digusting amount of tokens held by top 100 wallets (like 70% and 60% respectively. Floki is much more distributed and the comparitive number is <30%).
As for the chart- Floki will either continue to grow or its chart will start looking very unsustainable in the next 24-48hrs.
THIS IS NOT FINANCIAL ADVICE. NOT A FINANCIAL ADVISOR. THESE ARE MY OWN PERSONAL NOTES FOR REFERENCE AND BENCHMARKING PURPOSES ONLY.
DYOR
This last ABC pattern took us lower than any prior corrective move and in some regards that should be expected. It reached the 3.618 at the top of its last parabolic move in late October.
But i also suspect the continued sell pressure (besides the 'bitcoin' affect on the market as a whole) has a bit more to do with market manipulation. The selloff's are into support, over and over....and over. All that said, they've only been enough to take the charts NEAR TO the breaking point. But any nefarious actor(s) probably could have broken it on multiple occassions.
No i think this has more to do with keeping the price 'healthy' and 'true'. Rewarding the hodl'ers by preventing the token's value from unsustainable valuations too soon. Pushing the price down also keeps speculative traders and moonboy's from pumping (and then dumping) the token.
Lastly, this volatile price action equals more transactions. More tx's equals more tx's fees. Fees that are used to market and promote #floki.
Pro's- these tokenomics are intended to reward Hodl'ers and discincentivize scalpers and traders. A true community token. they are making serious strides on the marketing front with multiple professional athletic sponsorships and major advertisement initiatives.
Con's- The number of token holders (350,000 currently) has plateau'd a bit the past month or so. Not what you would expect with all the marketing effort. The average investment value (mcap/# of token holders) is low compared to other meme coins. Doge- $4,791. Shib- $19,250. Floki- $3,714. (TO BE FAIR- Doge & Shib both have a digusting amount of tokens held by top 100 wallets (like 70% and 60% respectively. Floki is much more distributed and the comparitive number is <30%).
As for the chart- Floki will either continue to grow or its chart will start looking very unsustainable in the next 24-48hrs.
THIS IS NOT FINANCIAL ADVICE. NOT A FINANCIAL ADVISOR. THESE ARE MY OWN PERSONAL NOTES FOR REFERENCE AND BENCHMARKING PURPOSES ONLY.
DYOR