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The leading memecoin Floki‘s (FLOKI) price attracted investor attention today with a rise of over 2%. This upward move is notable as it comes amid a general downturn in the crypto market. The rise, especially in the memecoin sector, reflects the general market trend.
Whale Purchases 19 Billion FLOKI Tokens
According to on-chain data, a whale identified by the wallet address starting with 0x864… made a significant move in the FLOKI market and surprisingly bought 19 billion FLOKI tokens. This acquisition, detected by the famous on-chain transaction tracker Scopescan, drew the attention of the crypto world and led to a rise in FLOKI’s price amid the overall market downturn.
The crypto whale’s strategic accumulation includes withdrawing approximately 3.28 million dollars worth of a total of 18.76 billion coins from three leading cryptocurrency exchanges: KuCoin, OKX, and Gate.io. Notably, this significant activity has led to speculation about the whale’s intentions and the potential impacts on FLOKI’s future price trajectory.
Additionally, on-chain data provided by Scopescan shows that in the last 24 hours, the withdrawal and deposit rates for FLOKI were 86% and 14% respectively. This imbalance indicates a significant exit of the altcoin from exchanges, pointing to a strong bullish trend among investors and potentially contributing to the rise in FLOKI’s price.
Will the Rally Continue?
Questions have arisen about the sustainability of FLOKI’s rally in the face of overall market dynamics and the whale’s actions. While the whale’s accumulation initially moved the altcoin’s price upward, concerns have emerged about the overall market selling pressure and its effects on FLOKI’s price.
Investors are trying to predict the whale’s next move and are closely monitoring market developments, including overall market sentiment. Currently, FLOKI’s price rise appears to be in balance. The Relative Strength Index (RSI) for the altcoin is at 49.17 at the time of writing, indicating a neutral or balanced market sentiment.
On the other hand, derivative data from CoinGlass shows that FLOKI’s open interest (OI) has increased by 3.37%, rising to 10.84 million dollars. The rising OI indicates bullish momentum for the altcoin.
