Could profit-taking from FLOKI holders lower its price?

It is possible that profit-taking from FLOKI holders could contribute to a lower price for the token. Key on-chain metrics suggest that investors may engage in profit-taking if the price of FLOKI continues to decline steeply. The recent launch of a Telegram trading bot aimed at burning FLOKI tokens with generated fees should have signaled a bullish sentiment, but FLOKI’s price has decreased by nearly 6% in the past 24 hours. On-chain data reveals that FLOKI holders may have gradually been shedding their holdings, as indicated by the In/Out of the Money analysis. Furthermore, there has been a rise in the number of addresses holding FLOKI, potentially leading to a sharper correction if the market downturn persists. The Token Age Consumed metric also aligns with the view that long-term holders may have been taking profits during the recent decline in FLOKI’s price. With speculations that the meme coin cycle has ended, there may be further profit-taking if the price of FLOKI continues to drop.