FLOKI: As demand weakens, new developments can prevent negative sentiment

• Shiba Inu-themed memecoin Floki has collaborated World Table Tennis (WTT).
• As negative sentiment towards FLOKI flourishes, its price may fall further.

With stagnant demand for the dog-themed memecoin, Floki Inu’s utility token [FLOKI] is announced Cooperation with the World Table Tennis (WTT) organization, which is the advertising and events department of the International Table Tennis Federation (ITTF).

#Flock has entered into a strategic partnership with ITTF World Table Tennis (WTT), introducing the Floki brand to more than 500 million people around the world as the official sponsor of the ITTF World Table Tennis Championships Finals. pic.twitter.com/YfVbMUIpJk

— FLOKI (@RealFlokiInu) May 11, 2023

With the partnership, Floki Inu will become WTT’s official cryptocurrency partner ahead of the ITTF World Table Tennis Championships 2023 finals, and will be integrated into WTT’s marketing and promotional activities for the event.

How much is 1,10,100 FLOKI today?

According to Floki, the partnership with WTT is a strategic one that will bring the Floki brand to more than 500 million people.

FLOKI: A story of stagnant demand, reduced whale activity and reduced open interest

So far, the month has been marked by a drop in FLOKI’s price. After trading hands at a high of $0.000053 on May 5, the token price has since fallen by a double-digit 34%. According to information, from CoinMarketCapThe 98th largest crypto asset traded at $0.00003514 at press time.

Realistic or not, heresFLOKI market value in BTC terms

A performance evaluation of on-chain tokens revealed that new demand had stalled last month. The number of new addresses trading on FLOKI during that period, as a 30-day average, did not increase per data Holy.

Source: Santiment

In addition, FLOKI whales refused to collect the tag because their number remained the same during the last 30 days, while the price of options fluctuated. There is a close correlation between whale activity and property price developments.

As long as the FLOKI whales refuse to fill their bags, the price of the tokens can be expected to drop further.

Source: Santiment

In addition, alts Open Interest began its downtrend when FLOKI fell from higher on May 5. According to information, from Coinglass, the tokens Open Interest has since fallen from $11.36 million to $6.73 million at press time. This was a 41% drop in just eight days.

A decline in the Open Interest value of an asset accompanied by a decrease in trading volume and negative investor sentiment (as in this case) indicates a lack of investor interest in that asset. This often precedes a significant decrease in the property’s value.

Source: Coinglass