Cryptocurrency markets’ popular meme token Floki Inu (FLOKI) attracted significant attention among crypto enthusiasts worldwide following notable whale activity on March 5th. According to information revealed by Lookonchain, the movement of 28.19 billion FLOKI caught the broader crypto market’s attention as it surged remarkably this month.
Whale Activity in FLOKI
At the time of writing, FLOKI was trading with volatility, and the whale transaction led to speculation about its potential impact on FLOKI’s tokenomics. However, derivative data indicated a bearish sentiment in the market, prompting further analysis among global cryptocurrency market analysts and investors. According to LookonChain, 28.19 billion FLOKI worth $4.29 million was withdrawn today from the world’s leading cryptocurrency exchange Binance to an unknown address, 0x15FD.
This transaction garnered global interest due to several factors, including the increased Total Value Locked (TVL) and massive FLOKI accumulations, which led to the meme token’s price nearly doubling last week. The whale activity also sparked a sense of accumulation and optimism among FLOKI investors. Moreover, the marginal decline recorded at the time of writing contradicts the usual market sentiment of a price increase due to reduced supply following whale accumulation.
Current Data on FLOKI
Despite the supply hit due to the aforementioned accumulation, the meme token FLOKI is trading with a downward momentum, and a positive sentiment is developing around the meme token. At the time of writing, FLOKI’s price has decreased by 1.88% in the last 24 hours and is currently trading at $0.0001426. This decline contrasts with the whale’s massive accumulation as mentioned above.
However, the meme token’s 24-hour trading volume has increased by 11.74%, reaching $1.21 billion. Derivative data from Coinglass, when aligned with FLOKI’s price movement, signaled a bearish trend in the market. While the volume recorded a significant drop of 20.83%, open positions fell by 4.97%. The OI weighted funding rate also decreased to 0.0780%, further amplifying bearish sentiments towards the meme token. Nevertheless, with the weight of the whale’s accumulation, market participants in the cryptocurrency space may expect to see an increasing impact on prices soon, as indicated by the whale’s confidence in the token as shown in the accumulation.
