A wallet with the extension 0x403 recently staked 14 billion Floki Inu (FLOKI) tokens worth $2.36 million in the Floki ecosystem. This move by the wallet owner follows a period of accumulation that began about two years ago when the price was at $0.00001207. The current profit for this individual is calculated to be $2.19 million, reflecting a significant gain of 1,293%.
FLOKI Price and Volume Increase
The staking of such a large amount of FLOKI tokens by the mentioned investor could have a noticeable impact on the price. The reduction in circulating supply due to the staked tokens could create scarcity and potentially drive the price up.
Such a significant staking action could also positively influence other investors and contribute to a price increase.
Current Floki Coin Price
Following the recent news, FLOKI has seen a 3.52% increase in the last 24 hours, reaching $0.0001811. FLOKI’s market cap has similarly increased, now standing at $1.73 billion.
Additionally, FLOKI’s trading volume has risen by 12%, reaching $307.15 million. The lowest and highest prices of FLOKI in the past 24 hours were $0.0001661 and $0.0001906, respectively.
Whales and Floki Inu
Another piece of data reveals that whales hold 64.86% of the total FLOKI supply. Considering that whales tend to buy and hold cryptocurrencies for long-term investments, their large holdings could provide significant price stability for FLOKI.
Moreover, this behavior by whales could encourage smaller investors, creating a bullish sentiment and contributing to a potential price increase due to the growing scarcity.
Considering all these factors, despite the declining market conditions, FLOKI currently shows a strong outlook, with whales seemingly controlling the market and attempting to push the price upwards.
