In recent days there has been a real boom for the Floki crypto on Binance.
Indeed, excluding stablecoins, on Friday it turned out to be the second most traded cryptocurrency on the world’s main exchange, after only Bitcoin.
Summary
Floki and the crypto exchange Binance
It should be noted that FLOKI is a token listed only on a few major exchanges. For example, it is not on Coinbase or Kraken, and it is also not on any other major US exchange.
The vast majority of trades of this token take place only on Binance, and in particular on only two pairs: FLOKI/USDT and FLOKI/TRY.
TRY is the Turkish lira, and in fact other high-volume exchange pairs are those on Turkish crypto exchanges.
One third of all Floki trading volumes globally occur on the FLOKI/USDT trading pair on Binance, and if we also add the volumes of the FLOKI/TRY trading pair on the same exchange and those of the same trading pair on Binance Turkey, we reach almost 50%.
So not only is Binance by far the reference exchange for this token, but Turkey is probably the country with the greatest interest in Floki.
The boom of the crypto Floki
Using the FLOKI/USDT trading pair on Binance as a reference point, it is discovered that on Friday, March 8th there was a real boom in trades.
At the end of February, the daily trading volume was just over 5 million dollars, which is a very low value.
However, already in the last days of the month it had risen above 100 million, that is with a x20 in just two days.
At the beginning of March, volumes had soared above 400 million dollars, and on Friday 8th they set a new annual record above 900 million. This is almost two hundred times the daily volume of two weeks earlier.
It must be said, however, that this growth in trading volumes measured in dollars largely depends on the strong rise in the price of Floki.
Indeed, if instead the volume is measured in number of tokens exchanged, we went from 145 million to 2.200 million, then rose to 4.100 million at the beginning of March and to 4.400 million on Friday.
In other words, the volume of FLOKI tokens traded has increased by 30 times in just two weeks, while in dollars it has increased by almost 200 times.
The price of FLOKI
This discrepancy can be easily explained by the increase in the token price.
Indeed, at the end of February it was still below 40 million dollars, but on the 26th it had broken through this barrier.
The next day he had also broken the 50 millionth wall, and then climbed above 60 on the 28th.
On the first of March, it had made the first big leap, bringing itself to almost 100 million in just one day, and on the 4th it had reached up to 170.
After a brief descent to 110, on Friday it broke through the 200 million mark, and then began a race that seems to still be ongoing, possibly heading towards 300.
At this moment it is above 280 million, and for six days now it has not been decreasing.
A series of so many consecutive days of strong growth, however, suggests that it may have also reached its conclusion, or almost.
Indeed, in less than two weeks it went from less than 40 to more than 280 million dollars, with a gain of over 600%.
In the last seven days it is up by +83%, while in the last 30 days it is up by +830%.
However, it has not yet set a new all-time high, which remains the 343 millionth dollar mark of November 2021. However, it is not far from that figure.
The Fear of Missing Out on the markets
From these numbers it emerges quite clearly that there is FOMO on Floki in recent weeks.
In particular, it is the trading volumes that make it clear that there has been a real and huge surge of interest in a token that has no concrete use.
On a weekly basis, last week the total trading volume on Binance for the FLOKI/USDT pair was even 3.2 billion dollars, and the week before it was 1.3 billion.
Just to say that the previous boom had occurred in October but with only slightly more than 300 million dollars in weekly trades.
These are absolute record numbers for Floki, as it had never recorded such high trading volumes before. Although the price has not yet returned to its all-time highs, the volumes have, probably thanks to Binance, since in 2021 it was not listed on the world’s largest exchange.
However, it is important not to forget that FOMO (Fear of Missing Out) is a purely emotional phenomenon, and therefore unstable and highly variable. Therefore, it could also abruptly stop if the price were to stop rising.
